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JB9
Level 2

Is the purchase price of inherited household goods the same price as the donation value?

I donated $2500 of household goods to a charity, basing this value on Goodwill/Salvation Army guides. Turbo Tax wants to know the original purchase price (?) the dates (various) and the donation value. Since I inherited them, there is no purchase price. I thought I read somewhere that the purchase price is the value of the items on the day I inherited them. For example, a vase I inherited might have cost $40 new, but I'm valuing it as $3. It seems that the purchase price for TT would then be $3. Turbo Tax also asks if I've had the items longer than a year. Does this matter? I inherited them in April and disposed of them in June. I should think length of time wouldn't matter, especially if the prices are the same. Please confirm, or let me know how to answer these questions. I donated multiple items to multiple groups, none exceeding $5000 in any one category (clothes, books, furniture, etc.). Thanks!
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2 Replies

Is the purchase price of inherited household goods the same price as the donation value?

Use the Fair Market Value on the date of death for the purchase price. 

JB9
Level 2

Is the purchase price of inherited household goods the same price as the donation value?

Thank you. I'll go on the assumption that because items were inherited, it doesn't matter if I've had the items for a year or not. Using the FMV, there would be no difference in purchase or donation price.

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