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Level 3
posted Apr 11, 2024 9:45:23 AM

Donation of Inherited Goods

Hello!  My father passed away in late 2022 and I donated a LOT of his items to Goodwill and other charitable organizations throughout 2023.  TurboTax is asking me for the PURCHASE VALUE (I can estimate but I certainly do not know) and it is also asking me if I OWNED THE GOODS FOR OVER A YEAR.  Why does this matter?  Can someone help me out?  Thanks!

0 1 2033
1 Replies
Expert Alumni
Apr 11, 2024 12:52:07 PM

Yes, you can take a deduction for donating items that you inherited. You can just estimate the amount the items cost and you can answer that you owned them more than one year. Your actual deduction will be based on their fair market value, which is the price a stranger would pay for them at a thrift shop. 

 

These questions may seem odd, but they are based on the rules for valuing donations of items.