I have a box of books to send to charity. How do I know what the tax value is?
The value is whatever the fair market value of the box of books is, whatever you would buy these books for at the local used books shop in the condition that they’re in. I would keep track of the type of books you sold if they’re just old books (like 15 paperbacks and 10 hardcover). Be more specific if they’re rare (e.g., 1st edition Chaucer).
Otherwise, the other answer’s valuation sounds reasonable.
January 30th, 2010 at 10:59 am
fair market value if they are paperbacks this is likley 25 cents each —-if they are hardcover, unless they are collectors books, likley 50 cents to $1 each The burden is on you to set a fair value – and there is a saying when dealing with the IRS: "Pigs get fat and hogs get slaughtered"
References :
January 30th, 2010 at 11:15 am
The value is whatever the fair market value of the box of books is, whatever you would buy these books for at the local used books shop in the condition that they’re in. I would keep track of the type of books you sold if they’re just old books (like 15 paperbacks and 10 hardcover). Be more specific if they’re rare (e.g., 1st edition Chaucer).
Otherwise, the other answer’s valuation sounds reasonable.
References :