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.

[dparke10]

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?

[JohnB5677 · Accepted solution]

"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