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Do you use "It's Deductible" online version?
01-18-2014, 11:33 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Posts: 1,238
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Do you use "It's Deductible" online version?
I tried using this a few years ago. I put in some gift-in-kind stuff - thought I had been fairly conservative.
When it transferred over to TurboTax, the amount was "discounted".
So, what's up with that? Why use it or enter any amouts if it's going to change on you?
Haven't looked at it in a long time.
Comment if you wish.
Kindest regards.
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01-18-2014, 02:13 PM
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#2
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,518
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I've used this product but not had this issue. The items are entered, a thrift store value is assigned, and that same value is transferred to the tax return for a charitable deduction.
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01-18-2014, 02:33 PM
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#3
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,155
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I've used it for years with no problems. The only thing I thought a bit strange is that the values assigned to items I donated were somewhat higher than I would have put down myself. I just chalk it up to the fact that living in a low cost of living area, our thrift store prices are probably lower than the nationwide average (which is what ItsDeductible most likely uses).
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01-18-2014, 10:32 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2011
Location: Bernalillo, NM
Posts: 2,717
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I have used it for the last 4 years with no issues. who knows what some of this stuff is really worth. I'm happy just to get a number.
__________________
"We live the lives we lead because of the thoughts we think" ...Michael O’Neill
"We can cannot compel others to do our will" ....Norman Goldman
"There never is shortage of the gullible to accept the illogical"...Anonymous
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01-19-2014, 05:53 AM
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#5
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Dryer sheet wannabe
Join Date: Mar 2011
Posts: 22
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Quote:
Originally Posted by timo2
I have used it for the last 4 years with no issues. who knows what some of this stuff is really worth. I'm happy just to get a number.
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+1
I have used it for the past few years without an issue. I like having one spot to get valuations for most items I donate.
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Do you use "It's Deductible" online version?
01-24-2014, 08:43 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Location: Columbus
Posts: 1,118
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Do you use "It's Deductible" online version?
Yep. For the past 3-4 years. It's very easy to use and easy to import into Turbotax. I find the value assigned to used clothing right in line. Usually around 10-15% of what it was new as long as its still well taken care for and in good condition.
__________________
Ohio REFI PE ENG and Investor as of 2016
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01-25-2014, 05:12 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2011
Posts: 8,332
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Quote:
Originally Posted by timo2
I have used it for the last 4 years with no issues. who knows what some of this stuff is really worth. I'm happy just to get a number.
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Right. Just saves a lot of time at tax time to just hit a button and not have to scavenge through my files. Actual value? Meh. Ease? Priceless.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
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01-27-2014, 12:31 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,127
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Just finished entering all my donated stuff for the year.
That's what these cold, boring days are for
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
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01-27-2014, 10:39 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,344
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Agree, it seems to work fine for me. Close enough to values I am happy with the total it calculates.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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01-28-2014, 11:45 AM
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#10
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Recycles dryer sheets
Join Date: Nov 2009
Posts: 55
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Quote:
Originally Posted by MichaelB
I've used this product but not had this issue. The items are entered, a thrift store value is assigned, and that same value is transferred to the tax return for a charitable deduction.
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+1. I have used it for a few years, so far it has been convenient.
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04-07-2014, 08:39 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Posts: 1,238
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Thanks for the replies. I tried it again and it was very useful.
Kindest regards.
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