Determining the Value of Gifts

The U.S. Internal Revenue Service (IRS) defines the process of determining the value of a donation as determining the "fair market value" of the gift. According to IRS Publication 561, Determining the Value of Donated Property, the fair market value (FMV) is

". . . [T]he price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction."

As the publication also notes,

"Determining the value of donated property would be a simple matter if you could rely only on fixed formulas, rules, or methods. Usually it is not that simple. Using such formulas, etc., seldom results in an acceptable determination of FMV. There is no single formula that always applies when determining the value of property."

Keeping that in mind, there are, nonetheless, a number of resources available to help you with determining the fair market value of charitable donations of books and other property you may give to a library. For donors who want an idea of a donation's potential worth but who do not yet want an official appraisal of the materials to be donated, there are several online and print resources you may wish to consult.

To help determine the "fair market value" of gifts, the Library recommends that donors also consult appropriate IRS publications dealing with donations. Please see the section, "Tax Credits and Gifts," in the Musselman Library publication, Giving Opportunities: The General Collections of the Musselman Library, for information on appropriate tax publications to consult.

Alternately, donors may wish to discuss prospective donations, appraisals, and tax considerations with appropriate financial or legal advisors.

Disclaimer

The Library directs you to these print and online resources as a courtesy. The resources listed are recognized, standard tools and information sources in the book trade and the practice of librarianship. Nonetheless, the Library cannot guarantee the accuracy of the information provided in these resources. As noted above, many factors contribute to the fair market value of donations.

Legally and ethically, the Library cannot assign a value to a donation for tax credit purposes. It is a conflict of interest for a library to appraise or place value on a collection offered to it.

Resources to Determine Fair Market Value

Currently published books and other library materials

• Books in Print - Available at the Musselman Library as a searchable database using the link above. Note: Also available in some libraries as a multivolume catalog, updated periodically.
• ACQWEB, In-Print and Price Listing Resources

Used or rare books and other library materials

• Abebooks (Advanced Book Exchange, Inc.)
• Alibris
• American Book Prices Current - Musselman Library Special Collections Reference, Z1000 .A51, 1955-1996 only. Note: Musselman Library does not maintain a current subscription to this title. This title may be available as a current subscription in some libraries in print or as a searchable CD-ROM.
• Antiquarian Booksellers Association of America (ABAA)
• Bibliofind (via Amazon.com)
• Bookfinder
• Bookman's Price Index - Musselman Library Special Collections Reference, Z1000 .B74, volumes for 1974, 1979, 1981, and 1985 only. Note: The Musselman Library does not maintain a current subscription to this title. This title may be available as a current subscription in some libraries.

Other resources

• ACQWEB, Verification Tools: Out-of-Print, Rare and Antiquarian Agents
• Your Old Books - A publication of the Rare Books and Manuscripts Section (RBMS) of the Association of College and Research Libraries (ACRL)