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I bought brand new clothes and donated them, I still have my sales receipt. How do I enter the value shown on that receipt?

Forum|Forum|6 years ago
June 7, 2019
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ItsDeductible Online

Best answer by mesquitebean

To use your own values you can enter them as a custom item. For your records, be sure to hang on to that sales receipt as well as the receipt from the charity.

The 2 images below show how to enter a custom item in ItsDeductible and assign a custom value.

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mesquitebeanAnswer

Employee

To use your own values you can enter them as a custom item. For your records, be sure to hang on to that sales receipt as well as the receipt from the charity.

The 2 images below show how to enter a custom item in ItsDeductible and assign a custom value.

M

mesquitebean

Employee

@robbduss
For valuation you use the FMV (fair market value.) When preparing your return, TurboTax will ask you what method you used to determine FMV, and there are 6-7 choices in a dropdown menu.

Read more about charitable donations, FMV, recordkeeping requirements, etc. in this IRS Publication 526--Charitable Contributions:

<a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p526">https://www.irs.gov/publications/p526</a>

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noodad

Employee

> How do I enter the value shown on that receipt?

You don't.

When claiming a deduction for charitable contributions of property, you're expected to report the "fair market value" (FMV) of it. That is, as other answers have pointed out, what you believe to be a typical price that a buyer and seller would agree to in an open market.

This value isn't necessarily the same as the price you may have paid for earlier. In most cases, it probably isn't. Generally for any item it would be less than the "sticker price" or suggested retail price.

Besides, you may or may not have paid the sticker price either? Generally speaking, you might buy things on sale, or using some promotion you found. Or at a discount store. Or even at a thrift shop. So, the price you paid would often have little to do with FMV.

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strongmind772

I don't see a link or anything to access information about how to enter the value for NEW men's shoes I donated to Goodwill. Please someone help me. Thanks.

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ErnieS0

Enter new shoes in Items in TurboTax @strongmind772. TurboTax includes suggested values. You can also use a price you find online or in a store. To use TurboTax's suggested values:

Tap Guide Me on How Do You Want to Value Your Donations?
Ener the Date of Donation (mm/dd/yy)
Tap the Add or Edit Items
You will see a pop up called Browse Categories
Type shoes in Search. The suggested value for adult athletic shoes is $17 and $21 for dress shoes.
Enter the quantity and tap Add Items to My Donation

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