16.
Re: Event Mar. 31: Navigating business taxes with TurboTax Mar 31, 2009 2:36 PM

in response to:
antiques4me
The area of charitable contributions has changed significantly in the last few years because of abuse. Taxpayers were overstating the value of contributed property, inflating cash contributions, etc. So the IRS put into place strict rules governing the requirements for claiming a charitable contribution deduction.
For example, you now need receipts for everything. That may be a receipt from the recipient, a cancelled check, a sales receipt, etc. For items of clothing,furniture and other household goods, the items must be in "good" condition or
better to qualify for a deduction. If you're donating a car, not only will you need a receipt but you'll also have to find out how much the charity sold the car for to earn a deduction. And, you deduction will be for the amount for
which the car sold. When it comes to valuing items of property, I highly recommend relying upon the values published by ItsDeductible. This is included with TurboTax and provides "fair market values" of thousands of items.
ItsDeductible will provide much higher deductible valuations than those provided by Goodwill or Salvation Army because ItsDeductible uses current selling prices for
millions of auctions from the eBay site. My final point is this... these are all generic rules so pay attention to the details.