We entered all of the items that we inherited and then donated into It's Deductible. Turbo Tax is now asking for the purchase price, date acquired now acquired and method used to determine value.
I'm unclear if I should enter the estimated amount that was paid originally for the items or enter zero because they were inherited by us. Also should the date acquired be the date of the relative's death or "various" since the items were all purchased over time?
Because you inherited the items, you will use the date of date as the date acquired. For the purchase price, you will use the fair market value on the date of death, and fair market value is method to determine value. This will allow you to deduct the amount that the items were worth when you donated them.
The value of the donation and the purchase price will be equal, correct?
I inherited stock 2007. I donated some shares of the stock to charity in 2018. When I entered the donation in TurboTax(R), there was a check box for "I inherited the donation." If I check that box, TurboTax(R) wants to delete the donation. Does this mean that I cannot deduct the stock I inherited? There is no "Learn More" link for that box.