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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