You'll need to sign in or create an account to connect with an expert.
The amount you can deduct is the fair market value or your cost, whichever is less. If your cost is zero, your deduction is zero.
There might be an exception if you owned the items for more than one year before you donated them, but then you would definitely need a written appraisal by a qualified appraiser. You would also have to fill out Form 8283 and have it signed by both the qualified appraiser and an appropriate official of each organization that you donated to. For the details see the following IRS references. Since it's an unusual situation, and the amount you are talking about is quite large, you might want to consult a local tax professional.
Publication 526, Charitable Contributions
Publication 561, Determining the Value of Donated Property
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
kamcbee
New Member
John Patrick10
New Member
atul372247
New Member
SevTax
New Member
gb48
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.