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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.
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.
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?
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