If the amount claimed as a deduction which was totaled by the Turbotax program as $1357.00, what would be a reasonable Cost or Adjusted Basis in the Donated Property?

[AmyC]

It depends on the items.

• For items that were inherited, you use the FMV on the date the previous owner passed away.
• For stocks/ land/ appreciable items - what you paid is usually lower than the donation value.
• For items you purchased that depreciate - what you paid for an item is higher than the donation value. A couch or shirt costs more when purchased new.

If you don't have original purchase receipts, your best estimate of what you paid or the value when inherited is the best you can do.

[filingisnofun]

Thank you.