Goodwill Donation Receipt

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Goodwill Donation Receipt

The US revenue system allows obtaining a tax-deductible status to some income categories, including the Donation to Goodwill. Goodwill Industries of Northeast Indiana Inc. is a non-profit organization that enters the IRS tax exemption list.

The corporation’s revenue-related aspects are regulated by Section 501(c)(3) of the Internal Revenue Code. Goodwill assists people with disabilities and employment limitations. Therefore, anyone can become part of the matter of a great moment and make their contribution to help people develop and achieve their potential. There are several item categories you can donate to:

  • Clothing and Accessories
  • Houseware
  • Furniture
  • Electronics and Media
  • Other related categories

As a reward for such assistance, the IRS makes all Goodwill’s benefactions tax-deductible.

Requirements for the Goodwill Donation Receipts

The charitable contributions are defined by Publication 526. You can find the document on the official IRS website. As the revenue service demands that each donor lists and evaluates their contributions, make sure to comply with the requirements to qualify for donation tax exemption:

  • Evaluate the assets considering the “fair market price” and Goodwill Donation Valuation Guide.
  • No services and other property can be claimed in exchange for the contribution.
  • Keep the records, as Goodwill does not claim for a copy.
  • The Receipt should be signed by Goodwill’s representative, and all benefactions should be accepted.

How to Claim Tax Donation Privileges?

To get a legal right to receive the tax deduction, the contributor needs to complete and file the required papers with the IRS. The service offers three options to qualify for obtaining the tax privilege:

  • Total assets worth under 500 USD.

Here, you should only provide a correctly completed Goodwill Donation Receipt.

  • Total assets worth over 500 USD but don’t exceed 5,000 USD.

To claim this type of tax benefits, the declarant needs to provide a Goodwill Donation Receipt and a completed IRS Form-8283. The latter should contain the acquisition process description. Plus, all assets must be appraised beforehand.

  • Total assets worth 5,000 USD and more.

If the total worth of item(s) is 5,000 USD and higher, the declarant provides the Goodwill Donation Receipt, Form-8283, and appraisal papers of the property. Keep the records along with your tax documentation.

It is worth noting that the appraisal procedure is the donor’s liability and should be conducted and refunded before the donation.

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Filling Out Goodwill Donation Receipt

This type of tax record form is sufficiently straightforward and intuitive to fill out. We inspire you to use our advanced technologies to build up the required PDF document. The illustrated guide below will help you draft and fill out the Donation Receipt Form effortlessly and quickly.

  • Download the Goodwill Donation Receipt

If you decide to donate during working hours, you can ask the Goodwill representative for a relevant receipt template. Still, you can come with a pre-completed document generated via our software tools.

Following the IRS recommendations, the contributor should fill out the form and define the benefaction’s value. The rules and recommendations outlined below will help you do that.

  • Introduce the Donor

We suggest you begin completing the Goodwill tax record form by providing your first and last names and mailing addresses. Also, enter the city, domiciliary state, and ZIP code.

step 2 introduce the donor - filling out a goodwill donation receipt

  • Enter the Donation Assets

Complete the given table in the following order: list all assets you plan to donate, entering the description and the donation value. It is important not to misuse the items’ value, as the IRS may (and most probably will) carry out inspections.

step 3.1 enter the donation assets - filling out a goodwill donation receipt
To assist contributors with evaluation, the Goodwill organization offers the Donation Valuation Guide. Here, you can correlate the charity assets with the average fair market price of items sold at Goodwill venues.

step 3.2 enter the donation assets - filling out a goodwill donation receipt
You must indicate the assets’ condition to meet the demands of the charity procedure. Please note that all donated items should be at least in “good used condition or better.” Provide the list of expected donation in the following manner:

  • Item and its description
  • Quantity of the donated items
  • Total value in the US dollars

Following the rules described above, an example of your table recording may look like this: 10 New Chairs $40.

  • Collect the Goodwill Donation Attendant’s Signature

To authorize the Donation Receipt, you need to collect the Goodwill representative’s signature. No further stamps or acknowledgment are required.

step 4 collect the goodwill donation attendant’s signature - filling out a goodwill donation receipt

  • Date the Document

Complete the receipt form by providing the full current calendar date.

step 5 date the document - filling out a goodwill donation receipt
All donors should keep the receipt for personal records, as the papers will be requested by the IRS to prove the lawfulness of the act of charity and estimated value.