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Donations for Tax Deductions

Tips for Donations:

  • Expect a 25 to 30% benefit for the value of what you are donating
  • Goodwill has a “donation value estimator” where you can determine the estimated value of your donation
  • Remember, your donation is based on the fair market value (what it would sell for) at time donation
  • Take pictures and document the value in a spreadsheet. You could save hundreds to thousands in benefit tax dollars each year when you document your donations!


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How To File Gift Taxes.

If you are gifting or receiving a gift, it is rarely ever taxable. Right now, there is a lifetime exclusion of $11 million per person