turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

dparke10
New Member

What does "Cost/adjusted basis" mean? when doing fed review, this came up to Check This Entry Noncash Contributions Worksheet: Cost/adjusted basis mut be entered.

While doing fed review, I was prompted with a prompt to check my entry in section Part IV Acquisition Information line 10.  It asks, "Cost or adjusted baisis in the donated property"  What do I enter?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
JohnB5677
Expert Alumni
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

What does "Cost/adjusted basis" mean? when doing fed review, this came up to Check This Entry Noncash Contributions Worksheet: Cost/adjusted basis mut be entered.

"The cost or adjusted basis of donated items is the amount you paid for them, less any depreciation, or if you didn't buy the items, their Fair Market Value at the time your received them, also less any depreciation.  People usually estimate this number since they rarely keep accurate records of these purchases."

 Cost Adjusted Basis

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
JohnB5677
Expert Alumni
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

What does "Cost/adjusted basis" mean? when doing fed review, this came up to Check This Entry Noncash Contributions Worksheet: Cost/adjusted basis mut be entered.

"The cost or adjusted basis of donated items is the amount you paid for them, less any depreciation, or if you didn't buy the items, their Fair Market Value at the time your received them, also less any depreciation.  People usually estimate this number since they rarely keep accurate records of these purchases."

 Cost Adjusted Basis

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies