Thank you for supporting Mom’s Mission through your generous donation.
Below is a step-by-step guide to help you understand how tax deductions work for non-cash (in-kind) donations.
Step 1: Make Your Donation
You may donate new or gently used items by dropping them off during our office hours or arranging a pickup (for approved corporate or bulk donations). Once your donation is received, it will be recorded by our team.
Step 2: Receive Your Donation Receipt
Upon request, we will provide a donation receipt or written acknowledgement letter, which includes:
- The name of our organization
- Our legal name and 501(c)(3) status
- The date of the donation
- A description of the donated items (without assigning a value)
- A statement confirming that no goods or services were provided in exchange for the donation
- Important: In accordance with IRS regulations, Gfoundation does not assign or confirm the monetary value of donated items.
Step 3: Determine the Fair Market Value of Your Donation
- For tax purposes, donors are responsible for determining the fair market value (FMV) of their donated items.
- Fair market value is generally defined as the price an item would sell for on the open market, given its condition and age.
Step 4: Keep Your Records for Tax Filing
When filing your taxes:
- Donations under $250 generally require a receipt or written record
- Donations $250 or more require a written acknowledgement from the nonprofit
- Donations over $500 may require IRS Form 8283
- Donations over $5,000 may require a qualified appraisal
For detailed guidance, please consult a tax professional or refer to IRS resources.