415138
My brother and I inherited the contents of our Aunt's home. We decided to donate the contents to charity. The items have been documented and photographed. The items went to several charities in 2017 and the value of each donation is over $500. How do we input the information to reflect only 50% of the value into ItsDeductible to transfer to our separate 2017 tax returns?
You'll need to sign in or create an account to connect with an expert.
Firstly, if the value of any single item or group of similar items is more than $5000, you can't take a deduction unless you have a signed appraisal and a form 8283 signed by the appraiser and a representative of the charity.
Then, you each need to list your deductions separately. There's no automatic way to split it. If you donated 10 shirts with $50, you each list 5 shirts for $25. You don't have to use ItsDeductible to get your values, you can make a custom listing in Turbotax such as "used household goods" and enter your own value for your half of the donation.
Also be aware that ItsDeductible values are national averages and are not guaranteed to be accepted by the IRS. If audited, you will want proof that the values are reasonable for your area, such as a price listing from local thrift and consignment stores.
And finally, be aware that you need a receipt from the charity. The IRS is cracking down on this in audits. A blank receipt or a generic receipt for "5 bags of household goods" is not proof of the inventory of what was in the bag, even if you have photos and a list. It is advised for large donations to take your written inventory and have it signed by someone from the charity.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Tax_Padawan
Returning Member
Raph
Community Manager
in Events
les_matheson
Level 2
fldcdeb
Level 1
wresnick
New Member