Value of tax deductible items for federal income tax. Formerly "turbotax.com/support?

Answer 1

Is there a question here?

Answer 2

It appears that they may no longer offer that tool because of the following:

Congress recently tightened the rules for substantiating donations of money. As of Jan. 1, 2007, cash contributions, no matter how small, can't be written off unless you have a canceled check, bank record, or a receipt with the charity's name and donation amount. So from now on, cash in the church collection plate or the Salvation Army bucket is a no-no if you want to be able to take a deduction for it.

If an item is valued at more than $500, you'll need to fill out Form 8283 and attach it to your return. On this form you have to describe each item over $500 that you donated, identify the recipient, and provide information about the value of the item, including your cost or adjusted basis.

Congress recently clamped down on donations of household goods to make sure folks aren't inflating the value of their used stuff. For donations made after Aug. 17, 2006, no tax deduction is allowed unless an item is in good condition or better. If an item in less-than-good condition is valued at more than $500, you can still take a deduction if you get the item appraised and attach the appraisal to your return. Congress also gave the IRS broad authority to deny deductions for low-value items such as used socks and underwear.

Answer 3

A deduction isn't worth anything unless your total allowable itemized deductions exceed your standard deduction. Then they're worth the amount your itemized deductions are above the standard, times your tax bracket percent.