The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/id-say-relax-and-dont-worry-about-it-using-29836823.aspx

Subject:  Re: donations to Goodwill Date:  2/9/2012  10:11 AM
Author:  jeffbrig Number:  115006 of 121175

I'd say relax and don't worry about it. Using something like ID is a pretty standard method to estimate the value of donated goods. It sounds to me like ID had an initial set of values, and when you uploaded to TurboTax, it fetched an updated value sheet that happened to have slightly different numbers, and recalculated your total. The up-to-date valuation is about 15% higher than before.

When you print the information for your records, I'm pretty sure TT will give you the option to print out the details of the valuation (probably as an optional printed page). Keep that. On the remote chance that you get audited, this is likely all you would ever need to provide. The IRS isn't going to challenge the ID valuations. They're checking for people who grossly fabricated things.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us