A new app for Apple’s iPhone relies on data from eBay to estimate the fair market value of goods donated to charity for charitable deductions.
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The newly launched DonationApp from CharityDeductions.com lets taxpayers adjust for the condition of the items donated, keeps a tally of all donations, and prints out a detailed list of donated items. Users can attach a photo of their donations using the camera built into the iPhone, keep a running total of their estimated tax savings, and email reports in PDF format to their accountants or use with their tax software. The company plans to release an Android version of the app in the near future.
CharityDeductions.com licenses and uses eBay market data to determine the fair market values of charitable donations in its DonationApp. The company contends that eBay comparisons have proven to be a much better guide of what people were paying for used items than the modified versions of Salvation Army and Goodwill guides used in some competing products, and unlike the Salvation Army and Goodwill guides, which contain a limited number of items—mainly clothing and some household goods—the CharityDeductions.com database has a value for virtually anything sold on eBay, so users can more readily find a comparable item.
CharityDeductions.com breaks valuations into five “condition” categories that are percentiles of the entire spread of auction results, providing more ranges of value. The app can also track money donations and any mileage accrued while doing charity work and log and value that mileage.
CharityDeductions.com allows for free use of the service for up to $500 in item donations using eBay values, but otherwise costs $24.95 per year. For more information, visit http://www.CharityDeductions.com.