I am clearing out a family member's estate and have donated hundreds of items to Goodwill throughout the year.. (Clothing, small appliances, Paintings,Tables, Lamps, Books ... just to name a few) I received receipts from the donation attendant each time that simply noted the Donation Quantity as being a SUV load full. Then boxes were checked on the receipt indicating clothing, furniture housewares or whatever I was donating. I personally kept a detailed list of what I was dropping off and used Goodwill's valuation guide to determine the value of things. I sat down to do my taxes and got to the charitable donations section and I began by listing the first date I donated and the items I gave. After I listed this in TurboTax I then am asked for a purchase price. I have no idea what was paid for the items, not to mention I have a list that is 4 pages long of the items I donated. Is it necessary to list each item, it's purchase price (which I would be guessing on).
No, you do not need to report individual purchase prices for the goods you donated. Your best estimate will suffice. Just be sure that the total purchase price is higher than the donated value. Also, use the phrase "various" for dates when possible. And you can combine like items to make the entries easier (clothing, furniture, kitchenware, etc.).
No, you do not need to report individual purchase prices for the goods you donated. Your best estimate will suffice. Just be sure that the total purchase price is higher than the donated value. Also, use the phrase "various" for dates when possible. And you can combine like items to make the entries easier (clothing, furniture, kitchenware, etc.).