[ShareTompkins] [sustainable_tompkins-l] Question on Monetary Value of Donated Salvage Materials

[Diane Cohen]

Hi Liza,

Non-profit organizations such as Finger Lakes ReUse receiving material
donations (like yours, thank you!) are restricted by law from providing a
value on their tax-deductible receipts as this would be considered by the
Internal Revenue Service to be a conflict of interest.

Donors are allowed to assess materials with what the IRS refers to as "Fair
Market Value". Your tax adviser (or information at www.irs.gov) should be
able to help you understand the definition of fair market value. You also
may be able to speak with someone who frequently works with building
materials to help you value these items. If your claim exceeds a certain
dollar amount (which varies in different situations), you are required to
submit a form by a "certified independent appraiser" and they charge for
the service. This wouldn't likely apply to your donation, but it does come
into play when we do whole-house deconstructions.

Deconstruction and donating building materials as charitable gifts are
relatively young phenomenons in the nonprofit world (the last 15 years or
so). There isn't yet, to my knowledge, and online database of fair market
value for building materials.

Best of luck, and thanks again for your support!
Diane


On Thu, Feb 7, 2013 at 6:59 PM, E L Cobb <elcobb54 at gmail.com> wrote:

> Early last year I donated materials to FingerLakes Reuse from a room I
> took apart.  FingerLakes gave me a wonderful itemized list of what I
> donated.  I figured come tax time, "ItsDeductible" would have values for so
> many square feet of 2 x 4s or  trim, etc.,, but they don't appear to have
> this in their database.
>
> Does anyone out there know of a website that can determine this value?
>  Any ideas?
>
> Liza
>

-- 
Diane Cohen
Executive Director, Finger Lakes ReUse, Inc.
2255 N. Triphammer Rd. (Triphammer Marketplace), Ithaca, NY 14850
(607) 257-9699 - ReUse Center / eCenter
(607) 351-9491 - Mobile
HOURS:
ReUse Center OPEN 9-6 Mon-Sat (Thursdays til 8pm), 12-5 Sun
Building Materials, Furniture, Housewares, Computers & Electronics
eCenter: Computer Refurbishing and Affordable Repair Services
Deconstruction Svcs: Whole House Deconstruction and Kitchen Strip Outs
www.fingerlakesreuse.org

Finger Lakes ReUse is a nonprofit 501(c)(3) organization enhancing
community, economy, and environment through reuse.
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