cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Does IRS generally accept itsdeductable valuations

 
1 Best answer

Accepted Solutions
DXS
Level 1

Does IRS generally accept itsdeductable valuations

It depends what you mean by "accept."  By "accept," do you mean:

A, If I am audited for this specific thing, will it pass muster

or

B.  I used It's Deductible values on my taxes, will it trigger an audit?

I have been using It's Deductible for YEARS, ever since it was on a CD you had to get by mail.  I have never had the values I used trigger an audit.  But just to be sure, either print off or download a copy after you have entered a donation for a particular day to a particular organization.  This way, you have support for all the values used. 

Since I have never had an audit triggered for this, I cannot answer A, but I would presume it would pass muster.

9 Replies
DXS
Level 1

Does IRS generally accept itsdeductable valuations

It depends what you mean by "accept."  By "accept," do you mean:

A, If I am audited for this specific thing, will it pass muster

or

B.  I used It's Deductible values on my taxes, will it trigger an audit?

I have been using It's Deductible for YEARS, ever since it was on a CD you had to get by mail.  I have never had the values I used trigger an audit.  But just to be sure, either print off or download a copy after you have entered a donation for a particular day to a particular organization.  This way, you have support for all the values used. 

Since I have never had an audit triggered for this, I cannot answer A, but I would presume it would pass muster.

DXS
Level 1

Does IRS generally accept itsdeductable valuations

One additional thing.  Because values change, when you import into TurboTax, sometimes values will change. The values won't change on "custom" items.  If you want to ensure it doesn't change, you can use the values shown, but enter it as "custom."  If you use the standard values and enter as standard, sometimes it will change when imported into Turbo Tax.  
Level 1

Does IRS generally accept itsdeductable valuations

An audit was triggered because of hard cover books. Be very careful of It's Deductible amounts.  I still use it but for some items I use custom because their amounts are too high.  Again an audit of all donations was triggered because of books! Luckily that's all they had a problem with.
Level 1

Does IRS generally accept itsdeductable valuations

Not to be too nosy, but was it a lot of hardcover books? If it was triggered for just a few, I'll be worried.
Level 20

Does IRS generally accept itsdeductable valuations

Yes.

Level 1

Does IRS generally accept itsdeductable valuations

I live in Arizona, and have used itsdeductible for several years.  The values are always changed a bit when the info is imported into my TurboTax file.  It's frustrating.
Level 1

Does IRS generally accept itsdeductable valuations

I have been using this program since before it was obtained by Turbo Tax.  It is a great little program and I appreciate having the free program to record my donations and consolidate them in one place.  Remember you can always create a custom entry by adding it instead of using the value listed in the program.  Thanks Turbo Tax.
Level 1

Does IRS generally accept itsdeductable valuations

I've been using It's Deductible with Turbo Tax for about 10 years and I have not been audited for my taxes or or anything I've donated or valued through It's Deductible. It's Deductible seems to use fair valuations for items, and I don't experience them as being too high. If anything, it's the opposite as I often donate designer clothing and footwear, and you can't really adjust for those other than the High or Low valuations it gives you unless you create a "Custom" amount (which I don't unless the item isn't on the list). 

Level 11

Does IRS generally accept itsdeductable valuations

They always have for me.  Since the values ID uses are based on eBay prices, they are pretty accurate.  I have used ID for years (with thousands of dollars of donations each year) and have never been audited.  I have put in hundreds of "add it" items for things not listed in ID, but I use eBay values for identical items in similar condition.  Just make sure you have a receipt from the charity.  I always print out my ID donation page and staple it to the receipt.

 

I hope this eases your mind a bit.