Often times when Staging a house I suggest updating a few or all light fixtures. In addition to painting, de-cluttering and re-arranging existing furnishings, this is one of the least expensive ways to update a home and have a big, positive impact on potential buyers.
What should a homeowner do with the outdated light fixtures? Donate them of course! But where?
I suggest contacting the local Habitat for Humanity Restore. They have stores located all across the country; to find one near you click here.
As long as the light fixtures are in GOOD CONDITION, the Restore will accept them and the donation is tax deductible. Here are a few guidelines that the IRS has set forth with regard to deducting values for such donations from an individual's tax return (Of course a person should contact their tax professional for more specific information).
- "You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions." (IRS Publication 78)
- Household Goods The FMV of used household goods, such as furniture, appliances, and linens, is usually much lower than the price paid when new. Such used property may have little or no market value because of its worn condition. It may be out of style or no longer useful.
You cannot take a deduction for household goods donated after August 17, 2006, unless they are in good used condition or better. A household good that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. See Deduction over $500 for certain clothing or household items, later.
- Generally, you can deduct property contributions in full up to 30% of your adjusted gross income.
- Non-Cash Contributions of Property Contributions of property (other than cash) are subject to strict record keeping and substantiation rules. You must be able to substantiate the fair market value of the goods or property you donated, plus keep any written acknowledgments you receive from the charity.
Fair Market Value of Contributed Property You must make an assessment of the fair market value of the property you contribute.
Non-Cash Contributions Totaling More Than $500 You must attach IRS Form 8283 if your total non-cash contributions exceeds $500.
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