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josie1475
Returning Member

Do i file a donation of a specified item as a cash donation or as donated goods, using the actual cost for the goods?

 
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stubau
Level 1

Do i file a donation of a specified item as a cash donation or as donated goods, using the actual cost for the goods?

File as donated goods.  TTax should ask you how you want to value the item: "GUIDE ME" or "I'LL VALUE THEM."   If the item is used, the guide will help you, if it has a high value, you can list what you want.  Caveat: IF YOU GET AUDITED, BE PREPARED TO BACK UP YOUR VALUATION with something like an appraisal or documents that show you claimed a reasonable value.

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1 Reply
stubau
Level 1

Do i file a donation of a specified item as a cash donation or as donated goods, using the actual cost for the goods?

File as donated goods.  TTax should ask you how you want to value the item: "GUIDE ME" or "I'LL VALUE THEM."   If the item is used, the guide will help you, if it has a high value, you can list what you want.  Caveat: IF YOU GET AUDITED, BE PREPARED TO BACK UP YOUR VALUATION with something like an appraisal or documents that show you claimed a reasonable value.

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