How do I report in TurboTax and item deduction valued at more than $500.00?

[IsabellaG · Accepted solution]

If you are referring to a donation of an item worth more than $500 to a charitable organization, you can enter that in TurboTax as a property donation.

You will enter what type of property it was (car, art, etc), the date of the donation, the value, and how the value was determined. You will be asked how you acquired the item, and its cost. You will also be asked for the address of the charity to which you donated the item. Finally, you will be asked if you retained partial ownership, donated with conditions or gave others rights to the donation.

See the screenshots below.