I donated multiple items at one time to Goodwill. I did this several times throughout the year. How do I enter the overall donation now that its deductible is gone? I used another service to value the items and the overall value is over the $500 mark. Do I have to enter each individual item in TurboTax to keep it below $500 or is there a way to enter the overall donation?
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First, you need a list of your items, with enough detail to determine the fair market value (typically, a description and quality -- good or fair (you can't deduct items in poor condition unless you have a signed appraisal). Then, you need to determine your own fair market value, you might get this by checking prices in a local thrift store, or for better quality items maybe look in consignment shops.
Then go into the Gifts to Charity section, enter the name of the charity and check the box for items. You do not need to list every item in the tax return, as long as you have a separate inventory. Select "household items and clothing" from the drop down menu, enter the date and value. On the next page you can enter the same general description, unless you want to enter a more specific description for specific items.
First, you need a list of your items, with enough detail to determine the fair market value (typically, a description and quality -- good or fair (you can't deduct items in poor condition unless you have a signed appraisal). Then, you need to determine your own fair market value, you might get this by checking prices in a local thrift store, or for better quality items maybe look in consignment shops.
Then go into the Gifts to Charity section, enter the name of the charity and check the box for items. You do not need to list every item in the tax return, as long as you have a separate inventory. Select "household items and clothing" from the drop down menu, enter the date and value. On the next page you can enter the same general description, unless you want to enter a more specific description for specific items.
Thank you for the response. I was afraid you were going to say that. I have 3 separate donations this year with probably 100 items in each donation. I know Its deductible made it soooo easy as we could add the items and then import the grand totals. Appreciate the input.
@Paulie17 wrote:
Thank you for the response. I was afraid you were going to say that. I have 3 separate donations this year with probably 100 items in each donation. I know Its deductible made it soooo easy as we could add the items and then import the grand totals. Appreciate the input.
While it might be some work to total up the value (depending on what they are), you only need to make 3 entries in the tax program. Best.
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