How does the date acquired affect my entries?

The IRS considers any item held over one year to be long-term property. Long-term property is treated differently than short-term property.

If the date acquired is within one year of the date of donation, DeductionPro uses the lower of the cost/adjusted basis and the fair market value as the deduction amount. This is required by the IRS.

If the date acquired is more than one year before the date of donation, DeductionPro always uses the fair market value as the deduction amount.