Contact UsIf there is no available FMV price for an item through Goodwill, eBay, Craigs List, etc. does that mean that it is impossible to list it as a donated tax deduction? Or is it allowable to use as reference a price from a somewhat similar item?
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John Stancil
Not at all. When you have no available FMV for an item, you can use "any reasonable means" to establish its value. A similar item would be a good place to start. Of course, the FMV must be less than your cost basis in the item. The rules state that you deduction is FMV or cost basis, whichever is less.
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404 weeks ago