What valuation method does its deductible use for Chartible donations?

[bwa · Accepted solution]

TurboTax at https://ttlc.intuit.com/questions/1901108 explains ItsDeductible values as follows:

How do you determine the fair market value?

To determine fair market values, we gather pricing information from auction websites like eBay as well as resale outlets and thrift stores across the U.S.

Every day we collect information from hundreds of thousands of completed eBay auctions to capture valuations that are not commonly found in thrift, consignment, or specialty stores.

We then perform a statistical calculation to determine the fair market value of the item, which is then translated to a high, medium, or low value.

We also collect pricing information through manual processes, for example surveying thrift and consignment stores across the country.

This combination of electronic and manual price-collection allows us to create a comprehensive, up-to-date collection of values based on real-world transactions that comply with IRS guidelines.

[brianb154]

Which method do you choose in Turbo Tax?

[bwa]

I'm not sure I understand your question - if you choose ItsDeductible to value your donations there is no choice (except to determine your own valuations.)

[brianb154]

In Turbo Tax, you need to choose a Method Used to Determine Value and Its Deductible is not a choice.

[bwa]

When I use Turbotax it only asks that question if I don't use ItsDeductible.  If I do, the question doesn't come up.

[brianb154]

So I do not transfer the information from Its Deductible so which Value Method would I choose from the Drop Down List?

[bwa]

It you didn't use itsdeductible, how did you determine the values you used?

[brianb154]

I used Its Deductible, but I did not transfer the information into Turbo Tax, I entered the results manually.  What would I choose from the Drop Down in Turbo Tax?

[tiffanym81]

I have this same issue EVERY year. Turbo Tax doesn't let me transfer the info over or like this year, it lost everything I entered in It's Deductible. So  I have the same question. How do I determine the value of my items for Turbo Tax purposes? And why isn't It's Deductible an option?