I'm filling out deductions. Some of the deductions are house hold items. Say I buy toiletries and I have the receipt from Target for $50.00. What should I input for the fields:
Description: Toiletries
Value: $50.00
Method Used to Determine Value: Present value .
I'm confused because there is no obvious choice for "I have the receipt". Donating money is much more clear, so I'm tempted to choose that but we didn't donate money directly. We bought it and immediately gave it to the charity as new items.
This isn't anything you need to worry about. You actually need a receipt for anything you donate if you're claiming it. the question is asked of cash donations because those are the ones people don't often have. The IRS does not see your answer to this question, it's just to help you determine if you can or should take the donation for cash. Just save all your receipts for items purchased for donation.
This isn't anything you need to worry about. You actually need a receipt for anything you donate if you're claiming it. the question is asked of cash donations because those are the ones people don't often have. The IRS does not see your answer to this question, it's just to help you determine if you can or should take the donation for cash. Just save all your receipts for items purchased for donation.