I donated a in vehicle motorized lift for loading a handicap scooter into the vehicle. When I donated the item, the charity told me the value was $700. I cannot find this item in your list of medical equipment in turbotax. How can I enter this donation into charitable donations?
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If the charity gave you a value for the scooter, you can use that as the FMV if you feel comfortable with their assessment.
Since FMV means the value of the sale if you had sold it in an arm's length transaction, if you have documentation that can substantiate your valuing of the donated items, you can use the FMV that you feel is most appropriate. There is no single formula that always applies when determining the value of property. This is not to say that a valuation is only guesswork. You must consider all the facts and circumstances connected with the property, such as its desirability, use, and scarcity.
To enter your Donations in TurboTax Online or Desktop, please follow these steps:
If the charity gave you a value for the scooter, you can use that as the FMV if you feel comfortable with their assessment.
Since FMV means the value of the sale if you had sold it in an arm's length transaction, if you have documentation that can substantiate your valuing of the donated items, you can use the FMV that you feel is most appropriate. There is no single formula that always applies when determining the value of property. This is not to say that a valuation is only guesswork. You must consider all the facts and circumstances connected with the property, such as its desirability, use, and scarcity.
To enter your Donations in TurboTax Online or Desktop, please follow these steps:
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