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Level 1

For Noncash contributions- "enter cost/adjusted basis" - should this be done for EACH donation? So if 50 shirts were donated, do I list a cost basis for each shirt?

Fair market value from ItsDeductible was already uploaded to my return.

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Level 1

For Noncash contributions- "enter cost/adjusted basis" - should this be done for EACH donation? So if 50 shirts were donated, do I list a cost basis for each shirt?

Did ItsDeductible list the shirts individually? If not, you can add up the cost basis of all the shirts and enter them as one basis

6 Replies
Level 1

For Noncash contributions- "enter cost/adjusted basis" - should this be done for EACH donation? So if 50 shirts were donated, do I list a cost basis for each shirt?

Did ItsDeductible list the shirts individually? If not, you can add up the cost basis of all the shirts and enter them as one basis

Level 1

For Noncash contributions- "enter cost/adjusted basis" - should this be done for EACH donation? So if 50 shirts were donated, do I list a cost basis for each shirt?

THanks so much for your response.  ItsDeductible listed my items in quantities.  However, there are MANY other donations listed, do I have to put cost basis for each individual item?
Level 1

For Noncash contributions- "enter cost/adjusted basis" - should this be done for EACH donation? So if 50 shirts were donated, do I list a cost basis for each shirt?

Unfortunately, yes.
Level 1

For Noncash contributions- "enter cost/adjusted basis" - should this be done for EACH donation? So if 50 shirts were donated, do I list a cost basis for each shirt?

Or if I had total donations to one charity of $200 market value from ITsDeductible, can I just put a cost basis for everything donated to that charity of $500?
Level 1

For Noncash contributions- "enter cost/adjusted basis" - should this be done for EACH donation? So if 50 shirts were donated, do I list a cost basis for each shirt?

Yes, you could do this
Level 1

For Noncash contributions- "enter cost/adjusted basis" - should this be done for EACH donation? So if 50 shirts were donated, do I list a cost basis for each shirt?

OK, that would save me a ton of time.  THanks so much!