How can I find out the IRS value for books & media donations made to a library?

Question

I have about $100 worth of books that I’d like to donate to a local public library and I was told that I could get a tax return from the IRS on this. How can I find out the IRS value for my donation when doing my taxes? Thanks for any help.

PS- Also if a public library accepts media donations (DVD’s, CD’s), how can one figure out the IRS value?

Answer 1

Ask the library what they'll sell these items for - they would probably go to their book sale.  That is the amount you can deduct.  It is pretty definitely NOT the new value of the books and other media.  Hardbacks usually go for a couple dollars each if that, maybe more for current or very recent best sellers.  Video's maybe $1-2, and CD's 50 cents to a dollar, not much more than that.  The library would be very unlikely to get textbook.com prices, so that wouldn't be a reasonable basis for your deduction.

Assuming that you DO donate the items, and figure an honest current value for them (what they'd be sold for, used), you only get any tax savings if you itemize - then at most you'd get the amount of the deduction times your tax bracket.   So if the $100 you mention is what their current used value is, what the library would expect to sell them for, and you are in a 15% tax bracket, then your tax savings would be $15.  If the actual current value is less than $100, and it sounds like it would be, then your tax savings would be less than $15.

With the textbooks, it would probably make more sense to just sell them outright, then if you want to help your library, donate a portion of the proceeds to the library.

Our library usually doesn't even accept textbooks, since they don't usually sell at the booksales.  You could probably sell them on the Internet, or back to the school bookstore, if they are current, for lots more than any tax savings you would get.

Answer 2

You can deduct the fair market value of the items.  Bear in mind that used books and recorded media are seldom worth more than 5 to 10 cents on the dollar compared to their new price.

You only get benefit if you itemize your deduction.  To make that worth while, your deductions must exceed the Standard Deduction amount for your filing status.  For a Single taxpayer, that will be $5,450 for 2008 so if that's your only itemized deduction it won't be of any benefit to you.

Deductions only reduce your income subject to tax, so a donation of $100 worth of books would get you a reduction of tax of $15 if you're in the 15% bracket or $25 if you're in the 25% bracket.

BTW, you don't "get" a tax return, you FILE a tax return.  A tax return is the forms and supporting schedules that you file with the IRS every year.  If you overpaid your tax liability, you get a REFUND.

Answer 3

Unless these are rare collectible books, you would need to use the value that you would get at a garage sale.  If there is a used book store near you, see what they would pay to buy your books.  You can use the same method for your CD's and DVD's.