- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
The biggest problem with Itsdeductible has always been its valuations; they are not transparent, there's no way to know how a value was determined of if the value is appropriate to your item in your sales market.
I would simply keep separate track. You always need your own independent inventory of your non-cash donations, that includes the date and place donated, the condition, and the approximate value. Keeping a list on paper or a computer is no more work than typing the list into ItsDeductible. Get your values from local prices--go shopping in the Salvation Army store to see what they charge for similar items to what you are donating. That's the best proof of the value of your donations.
Then at tax time, you never need to itemize each donation, you can group them together by date and charity. You can report "used household items" with a combined value, and you don't need any other information on your tax return, as long as you have the detailed records separately in case of audit.