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How to Claim Donated Items on Your Tax Return

Another gift of giving is being able to claim the donation on your tax return.

As you gather your documents for tax prep, remember to itemize deductions on your federal tax return. This way you can claim charitable deductions for items you donated.

According to the IRS, you can deduct the fair market value of clothing, furniture, shoes, household goods or other items you’ve donated. Fair market value is the price a buyer would be willing to pay for the item and is based on the condition of the item. It’s illegal for charities to tell you what your donations are worth, but you can determine the fair market value of your items by referring to the guides available from the IRS. Additionally, these guides can help you figure out which organizations qualify for charitable contributions deductibles, how much you can deduct, what records and receipts you need, and more.

When making a monetary donation using cash, check or credit card, make sure you keep a copy of your receipt with the date, amount and name of the organization, just in case of an audit.
Non-cash donation regulations apply to deduction claims of more than $500 of clothing, furniture, and more. Non-cash claims of more than $5000 (such as in the case of a donated vehicle) require additional documentation that can be found on the IRS website under Tax Forms.

If counting a donation for which you received a gift in return, remember that your donation is the amount you gave minus the merchandise you received.

Finally, when calculating donations, be sure the donation took place in the tax year for which you are filing. While you can try to dig up your 2018 receipts, don’t rush to donate a bunch of stuff now to get a tax break this year. But do keep in mind that a donation now will benefit you next April.

Whether you’re simply tidying up your space or looking for a tax break for next year, let 9Pickup’s home pickup service take your unwanted or unused items. Call 1-888-9-PICKUP or fill out the convenient online form to schedule your pickup today.

Networking to Help Children

Networking to Help Children, Inc. is a non-profit organization started in 2009 by David Chirico, realtor and networking professional, as a way to use his networking skills to match charities with business philanthropists. Chirico’s charity donates to a different cause every month—specifically, those benefiting children,  those suffering from hunger or addiction, abused and at-risk persons and other afflicted people in the community.

To date, Networking to Help Children has raised about $120,000 for selected charities such as Speak up for Kids of Palm Beach County, ChildNet, Girls on the Run, Easter Seals, Friends of Foster Children, Junior Achievement of The West Palm Beaches and many more. While remaining focused on its original mission: Support local and national charities through financial backing and volunteering time and skills, Networking to Help Children is always on the lookout for new charities to support.

How can you get involved? If you are part of a charity that benefits children or works toward the alleviation of hunger, addiction, or abuse or the prevention or cure of chronic illness located or doing business in Palm Beach County, FL, you can apply to be the “charity of the month.”

Additionally, in order to reach these goals and continue the great work they’re so passionate about, Networking to Help Children, is always looking for additional businesses and donors who are willing to support their efforts and spread the mission at their monthly events. Want to donate? Networking to Help Children has partnered with 9PICKUP to accept your tax-deductible donations. Networking to Help Children, a 501(c)3 nonprofit can re-sell these goods and use the proceeds to help charities, especially those that are dedicated to solving issues with local youth.

9Pickup will pick up clothing, jewelry, furniture, gently used household goods, small appliances and much more. Visit their website to check out a list of acceptable items and schedule your pick up today. Or you can call them at 1-888-PICKUP.