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Deductions & credits
The cost/adjusted basis is the amount you originally paid for the donated item.
If the item was inherited, the cost basis is the Fair Market Value (FMV) of the item on the date the person who you inherited from died.
If you donated some bags of clothing to Goodwill, you can estimate what you paid for the items just as you estimate their FMV for the donation value.
‎June 4, 2019
6:03 PM