MarilynG1
Expert Alumni

Deductions & credits

To enter a Charitable Donation of property in TurboTax:

  • Click on Deductions & Credits
  • Click on "I'll choose what I work on"
  • Scroll down to "Charitable Donations"
  • Select "Donations to Charity "
  • On the "Lets enter your donations one at a time", enter the charity name and click on Add next to "Items"
  • Indicate "I'll Value Them"
  • Enter the details of your land donation
  • For "Choose a category for this donation" Indicate "Real Property -not conservation property"
  • Enter a Description, Value, and method of valuation

 

The basic rule is that your contributions to qualified public charities, colleges and religious groups generally can't exceed 60 percent of your Adjusted Gross Income (AGI).

  • If you have owned the property more than a year, you can deduct its full fair market value and escape income tax on the appreciation.
  • For property held one year or less, IRS only allows you to claim a deduction on the price you paid for it.

Click this link for more info on Charitable Contributions

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