How should you value donated property?

Description

Abstract: Whether a nonprofit receives used computers, office furniture, a building or something else, the fair market value (FMV) of donated property needs to be recorded on its Form 990 and financial statements — and perhaps Schedule M, depending on the type and amount of contributions. This article discusses properly assessing the FMV of the property as required by the IRS. And, as a sidebar notes, valuing inventory has its own rules for donors seeking a deduction.