Estimating the value of you have given away or donated to charity is important to filing an accurate itemized tax return with the IRS. There are several aspects about the condition of the books that you must take into consideration before securing a proper estimate. However, going through the trouble may be well worth it as a valuable book collection can lead to a sizable tax deduction.
Instructions
1. Determine the general condition of each used book you intend to give away or donate. Each book's value will be a function of its condition and current market value. Collectors best value books in fine or good condition if not mint. Consider books in poor condition to be of very little monetary value.
2. Check to see if your books are first editions. Earliest editions tend to be worth more to collectors than later editions unless the latter involve great improvements in the text or binding.
3. Search book retailers, either online or brick and mortar, for comparison prices. Investigate the prices on online marketplaces as well. Online marketplaces provide more listings of and may give you the best idea of what your donated books are worth. The bookstore price of a brand new copy of each book is likely its ceiling, unless there are other factors adding to its value such as a signature or limited edition.
4. Take the used books to a company that conducts written appraisals if you believe the is of great monetary value. (See Resources) Book appraisers charge hourly rates which may include time spent on the initial assessment and consultation. Speak to an appraiser near you and discuss their rates and an estimate for the cost of your appraisal.
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