Hospice of Marshall County Thrift Shoppe Tax Deduction Guidelines for Merchandise Donations
Merchandise donations to Hospice of Marshall County Thrift Shoppes are tax deductible to those who file the 1040 Long Form and itemize their deductions.
The following suggestions and link are offered solely as a general guideline for deducting the fair market value of the merchandise donations (non-cash donations) that you donate to charity. If you have specific questions, please contact the IRS or your tax advisor.
- Keep a list of the items you give to charity. It’s your responsibility – not the charity’s- to list, estimate and report to the Internal Revenue Service the fair market value of the items donated.
- Be sure to get a receipt for your donated goods for your personal records. If your items are picked up by the Thrift Shoppe truck you will receive a receipt from our truck crew.
- If you drop your donation at one of our stores, you will receive a receipt from the Thrift Shoppe employee who helped with your donation. The receipt will be signed and dated.
- We will not itemize nor put a dollar value on the items you donate; estimating the value is the responsibility of the donor. The receipt will be your proof that you did indeed donate merchandise to the Hospice of Marshall County Thrift Shoppe.
- If the total value of the merchandise you are deducting comes to more than $500, you may have to file IRS Form 8283 with your tax return. Consult your tax advisor or contact the IRS for assistance.
- To best value your non-cash donation to the Hospice of Marshall County Thrift Shoppe, we suggest you visit the IRS website: http://www.irs.gov/publications/p561/ar02.html