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Level 1
posted Apr 3, 2021 6:26:11 AM

Why is Turbo requiring a Date Acquired & Donor cost if total deduction is over $500 but no single item is over $500. IRS instructions & form state this is only required if AN ITEM is claimed for over $500.

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1 Replies
Level 15
Apr 3, 2021 7:12:10 AM

Actually, the IRS says this:

If you claim a deduction of more than $500, but not more than $5,000 per item (or a group of similar items), you must fill out Form 8283, Section A.

Topic No. 506 Charitable Contributions | Internal Revenue Service (irs.gov)

 

“Similar items of property” is defined to mean “property of the same generic category or type,” such as clothing, jewelry, furniture, electronic equipment, household appliances, or kitchenware.

The term “household items” includes furniture, furnishings, electronics, appliances, linens, and other similar items.

IRS Tax Court ruling Smith v. Commissioner