My dad passed away in New York in 2021, and I have been administering his estate. He and I co-owned our house. Everything was sold in 2022, and the estate was distributed in 2023. The last taxes I filed was his 2021 individual return. The estate didn't receive any funds until 2022, and it didn't make much profit besides interest from the estate bank account, which was around $150 for 2022. I wanted to see if I needed to have anything filed for his estate.
Since I had to sell our house, I ended up donating a good amount of furniture in order to downsize. I was going to deduct these donations on my tax return. I was wondering how I should go about determining the dollar amount for each piece of furniture that I donated. I'm nervous that the total I deduct will be pretty high. The sale of the house had a profit low enough that TurboTax isn't including the sale on my own tax return. Would a high donation dollar amount trigger any alarms?
You'll need to sign in or create an account to connect with an expert.
The amount of charitable deduction for the furniture is your cost or current value whichever is lower.
If the furniture was your Father's and you inherited the furniture, then your basis is the date of death value of the furniture.
If the value of a donated piece exceeds $5,000, then you need an appraisal for the item.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
guff
Level 1
sarosenthall
Returning Member
guff
Level 1
fd0b19afabb8
New Member
cjcantrell
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.