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DeweyFu
New Member

I've donated cabinets during a remodel. TurboTax is asking when it was purchased and the amount. The items came with the purchase of the home. What do I do?

Other items which were donated included appliances -- all this to a 501(c)(3).
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3 Replies

I've donated cabinets during a remodel. TurboTax is asking when it was purchased and the amount. The items came with the purchase of the home. What do I do?

Is the total more or less than $5,000?

DeweyFu
New Member

I've donated cabinets during a remodel. TurboTax is asking when it was purchased and the amount. The items came with the purchase of the home. What do I do?

No. Just under.  

I've donated cabinets during a remodel. TurboTax is asking when it was purchased and the amount. The items came with the purchase of the home. What do I do?

Assuming that you are donating them to a charity that will sell them to raise funds, you can only claim fair market value, or your original cost, whichever is lower--which is why you are being asked.   For purchase date, use the purchase date of the house.  For purchase price, you can estimate what their value was at the time.  As long as that estimate is reasonable, and is higher than the fair market value when you donated, you should not have any problem.    Write down your explanation for how you determined the value, and save it with your tax papers.

 

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