Donation Values?

[zeros]

Have client who's mother passed away recently and are going through the house and planning on donating quite a bit of stuff. I seem to remember that there is a list available that can help in determing value of donation goods. Anybody know about this?

I'm thinking now that they are donating items that they received as an inheritance. Would the cost basis be "zero" and no deduction allowed?

[solomon]

Have client who's mother passed away recently and are going through the house and planning on donating quite a bit of stuff. I seem to remember that there is a list available that can help in determing value of donation goods. Anybody know about this?

Go to Salvation Army and/or Goodwill web sites.

[erchess]

Basis of Inherited Property

The basis of inherited property is generally its FMV on the decedent's date of death or alternate valuation date chosen by the executor of the estate.

Of course you as the preparer have to find out who owned the property when it was donated. The estate could be the owner or the heir(s) could be owner(s) and the difference is not trivial even though the average layperson would tend not to think about it.

[S T]

In addition

You can go to http://turbotax.intuit.com/personal-...ible/index.jsp, once you determine cost/value (see Erchess' post)

I also use the Salvation Army site and , you can google for your area/territory for Salvation Army Valuation Guide. They have several listings.
Sandy