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erik1405
Level 1

Sold house in 2016 lots donations in 2016

 
1 Reply
DianeW
Expert Alumni

Sold house in 2016 lots donations in 2016

You may qualify for the home sale exclusion.  The qualifiers for the home sale gain exclusion are listed for your convenience.  If after you review these details you believe you still qualify the next step would be to walk through the steps in TurboTax to see if you may have answered a question incorrectly.

  • In TurboTax (online or desktop version)
  • In the search box upper right, search for home sale
  • Jump to home sale
  • Follow the prompts to answer the questions (review the screenshots attached)

Receipt requirement - general rules:

Donations valued between $1-250 require a receipt from the charity unless it is impractical to get one - like if you dropped clothing off in a bin or unmanned drop-off location. Donations between $251-500 require a receipt from the charity with the name, address, date, location and items. Donations between $501-5,000 also require a record of how and when the items were acquired and their adjusted basis. Donations valued over $5,000 may also require a written appraisal.

For any single contribution of $250 or more (including contributions of cash or property), you must obtain and keep in your records a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash and a description of any property contributed.

The acknowledgment must say whether the organization provided any goods or services in exchange for the gift and, if so, must provide a description and a good faith estimate of the value of those goods or services. One document from the qualified organization may satisfy both the written communication requirement for monetary gifts and the contemporaneous written acknowledgment requirement for all contributions of $250 or more.

TurboTax desktop or online follow the steps here.

1. Sign into your account and select your current return.

2. In the search box, upper right, 

3. Search for noncash charitable contributions

4. Jump to noncash charitable contributions (image attached)

5. Follow the interview to enter your contributions. (image attached)

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