How do I use the Fair Market Value (FMV) tool to enter donations?
TurboTax Online offers a fair market valuation (FMV) tool that helps you price your charitable donations if you’re itemizing your deductions.
According to the IRS, FMV is the price of an item or property in the normal market where your donation is typically sold, considering its quality and location. The FMV tool in TurboTax Online helps you determine this price.
How do I use the FMV tool in TurboTax Online?
To determine the Fair Market Value (FMV) of your donated items in TurboTax Online, follow these steps:
Locate the Donations to charity section under Deductions & credits in the Federal section and select Start or Revisit.
To confirm you want to enter 2025 donations, select Yes and Continue.
Enter the name of the charity (like Goodwill) in the Charity name field.
Under Select all that apply, check the box for Items and stock and select Continue.
From the Type of donation menu, select the appropriate category.
Enter the Date of donation.
Select the Help me value my donations link below the Donation value box. This will open the valuation search window.
In the Get help estimating value window, type the name of your item to search available options.
Select the specific item from the generated list.
The tool will display two value estimates based on condition:
Excellent/like new condition
Fair condition/used items
Note the appropriate value for your item's condition and enter it in the Donation value field on the main screen.
If you have more than one such item, multiply the fair market value of the item from the lookup table with the quantity you donated and enter into the Donation value field.
Select Continue to enter additional details.
Additional features of the FMV tool
If you believe that your item is not comparable to the items listed and their corresponding dollar values, you can use a custom value to value your item.
If you donated multiple items to the same charity on the same date and they were all the same item, you can group them as one donation.
For example, if you donated a collection of books, you don’t need to enter each individual book. If your items aren’t all the same, it’s better to enter them one at a time.
Is the FMV tool the same as ITSDEDUCTIBLE?
No, this is a fair market value tool within the charitable donations section of TurboTax. It helps you estimate the value of commonly donated items
Where was my data saved in ITSDEDUCTIBLE previously?
ItsDeductible was discontinued on October 21, 2025. If you would like to download your ItsDeductible data, follow the instructions in the “I want to download my ItsDeductible data” section of this article.
