Entering in donations

[sutherlandws]

If Its Deductible is discontinued, what is the process to add a donation, select a date of the donation, and enter in each item and its value?  

[Opus 17 · Accepted solution]

When you enter the name of the charity, you get a screen where you can select items, money, stocks, or other things.  Select items.  Give the date of the donation.  Choose a category (probably "used clothing and household items").  You can give a slightly more detailed description on the next page, and a valuation method (thrift store prices or comparable sales will usually be most appropriate, depending on the items.) You can summarize your donations for a given day as long as you have your own separate inventory, but you should list different dates individually.  

[sutherlandws]

Thanks for the response. Each donation consists of dozens of items. And i have at least 15 different donation dates. I am documenting them and the value in an Excel spreadsheet.  I know that I cannot import the spreadsheet, but can I copy/paste the item descriptions to save time? Are there any other tricks that could make this process go faster? 

[Opus 17]

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@sutherlandws wrote:

Thanks for the response. Each donation consists of dozens of items. And i have at least 15 different donation dates. I am documenting them and the value in an Excel spreadsheet.  I know that I cannot import the spreadsheet, but can I copy/paste the item descriptions to save time? Are there any other tricks that could make this process go faster? 

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You will have to enter each of the 15 donation dates individually, but you can include all items as a group on that day with a generic description and a value you assign.  You do not need more specific details for your tax return unless the total claimed value is more than $5000.  

[sutherlandws]

Interesting.  That goes against what I've read so far,  that over $500 in a donation means I need to provide an itemized list.  If you are correct, it will save me time.  Right now I'm in hour 24+ of documenting my donations in an Excel spreadsheet, item by item, locating FMV for each item not on the Salvation Army/Goodwill lists. Probably 10+ hours more (best guess).  Not having ItsDeductible this year has really thrown some wrenches in the works!

[Opus 17]

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@sutherlandws wrote:

Interesting.  That goes against what I've read so far,  that over $500 in a donation means I need to provide an itemized list.  If you are correct, it will save me time.  Right now I'm in hour 24+ of documenting my donations in an Excel spreadsheet, item by item, locating FMV for each item not on the Salvation Army/Goodwill lists. Probably 10+ hours more (best guess).  Not having ItsDeductible this year has really thrown some wrenches in the works!

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No, you do not need a detailed list for item donations over $500.  You need form 8283 (which Turbotax will fill out) but for donations of used household items--and as long as individual items are less than $500--form 8283 only asks for the date of the donation, the value, and how you determined the value.  In fact, form 8283 only has 4 lines for item donations and you can only e-file with up to 4 copies of form 8283, so if you donated more than 16 individual used items and listed them separately, you couldn't e-file.

The rules are different if you claim more than $500 for a single item -- that does need to be listed on its own line.  And there are different rules if your total of non-cash donations for "a single item or group of similar items" is more than $5000.