Your optometrist or ophthalmologist prescribes corrective lenses to your exact needs, so your eyeglasses are uniquely yours. Your vision can change over time, necessitating a new prescription. Even though your old eyeglasses might no longer meet your needs, they can still benefit others. A number of different charities welcome donated eyeglasses, and in addition to feeling good about helping others, you might be able to claim an eyeglasses tax deduction.
Itemized Eyeglasses Tax Deduction
The Internal Revenue Service allows you to deduct your charitable contributions from your income when you file your federal income tax return, if you itemize your deductions on Schedule A. You can deduct your cash contributions, as well as the fair market value of donated property, including prescription eyeglasses. Claiming this deduction will benefit you if the total amount of your itemized deductions exceeds the amount of your standard deduction. The IRS recommends calculating your taxes using both the standard deduction and using itemized deductions. You can file your return using the method that gives you the larger deduction.
Unless you are donating a brand new pair of eyeglasses, you can't deduct the retail value of your glasses. You can only deduct the eyeglasses' fair market value, which is what they are worth to a willing buyer. Since the lenses are specific to you, finding a willing buyer with the same prescription is unlikely, so the lenses don't have much value. The frames tend to hold their value over time, since a buyer can put new lenses into the frames. The organization you donate to might have a recommended value that you can use. Otherwise, arriving at the fair market value of your donated eyeglasses is at best an educated guess, but it is one you will have to make.
To be tax-deductible, your donation must be made to a qualifying organization. Qualifying organizations include those that are organized and operated for charitable, religious, scientific, literary or educational purposes. Donations to comparable Canadian, Mexican and Israeli charities might also qualify as tax deductible. The IRS maintains a complete list of all qualifying organizations through its Exempt Organizations Select Check online tool.
Charitable Deduction Rules for 2018
For the 2018 tax year, the income tax deduction for donations hasn't changed. You'll still need to itemize your donations if you wish to claim it. However, the threshold has been set higher, at $12,000 for individual taxpayers and $24,000 for married couples filing jointly. To claim the eyeglasses tax deduction, your charitable donations will need to be higher than the threshold.
Eyeglasses Tax Deduction Rules 2017
The IRS requires you to keep a record of your charitable contributions, including eyeglasses donations. The type of record depends on the value of the donation. If the fair market value of your eyeglass donation was less than $250, ask for a receipt from the organization detailing the date of the donation and a description of the goods. A receipt is not required if you dropped the eyeglasses at an unmanned collection center. If the fair market value of your donated eyeglasses is $250 or more, you must get a written receipt.
- IRS: Publication 526, Charitable Contributions
- IRS: Publication 561, Determining the Value of Donated Property
- IRS: Publication 526 Charitable Contributions
- CNBC.com What the New Tax Law Means for You
- IRS: Schedule A: Itemized Deductions
- Forbes: What Your Itemized Deductions On Schedule A Will Look Like After Tax Reform
- Public Counsel: Acknowledging Charitable Donations Properly
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