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Get your taxes done using TurboTax
here are some suggestions from the iRS instructions for the tax form 8283
the FMV.
Examples of entries to make include “Appraisal (only if needed),”“Thrift shop value” (for clothing or household items), “Catalog” (for stamp or coin collections), or “Comparable sales” (for real estate and other kinds of assets). See Pub. 561
https://www.irs.gov/pub/irs-pdf/p561.pdf
what the iRS is asking is how did you get to the valuation
sometimes there are alternative methods
in IRS PUB 561 it mentions 3 methods for valuing donated real estate.
for the animal food donated immediately to charity - - even replacement cost new would be ok.
Turbotax does not know what you donated even though you might enter books.
January 27, 2024
12:20 AM
7,921 Views