PORTLAND, Ore., Feb. 9, 2016 /PRNewswire/ -- No one likes paying taxes, but Flipsy.com's new Price History feature makes it easy for anyone who donated an electronic gadget in 2015 to reduce their tax burden by writing off the full value of donated devices.
Many people who donate used phones and other devices neglect to take advantage of this easy tax break, particularly when donations are made via drop-off boxes such as those employed by Cell Phones for Soldiers. This is primarily because they do not have a receipt.
However, the IRS does not require receipts for donations valued under $250. That's where Flipsy.com comes in. To find the value of any phone, smartphone, iPhone, tablet, iPad, or video game console:
- Search or browse for the device on http://www.flipsy.com
- Notice the Private Party value, which is the current private market value of the device
- If the device was donated earlier in the year, click the "Price History" link to view historical values by month
The IRS allows you to deduct the Fair Market Value (FMV) of the device at the time of donation on Line 17 of Form 1040 Schedule A. If you have multiple donated devices that collectively total greater than $500, you additionally need to complete and attach Form 8283 to Form 1040. Note that electronics must be in "good" condition to qualify for the deduction.
For organizations that write receipts for donors, Flipsy.com's Price History feature also makes it easy to determine the Fair Market Value of electronics and offer accurate appraisals. Flipsy determines private market values by collecting and analyzing data from actual real-world private market sales.
To find the current or historical private market value of any device, visit http://www.flipsy.com.
Since 2012, Flipsy has provided sellers with real-time, accurate pricing for textbooks, books, mobile phones, tablets, video game consoles and more by aggregating current online sales prices. Flipsy is also a leading buyback vendor search engine that connects device sellers with buyers. Flipsy is a product of Direct Textbook, which operates one of the world's most comprehensive textbook price comparison search engines.