Recording Donations of Art and Collectibles

To record donations of art and collectibles:

  1. Click the Enter Deductions tab to display the Item Donations tab, and then click New Donation.

  2. From the Charity Name drop-down list, select the charity that received your donation, or select Enter New and type the name of a charity (up to 37 characters).

  3. In the Date box, type the date that you made the donation in mm/dd/yyyy format.

    Tip: You can also click the calendar icon beside the box to display a calendar from which you can select a date.

  4. From the Entry Type drop-down list, select Individual Items, and then click Add Items.

  5. In the Charity Address box, type the address of the charity, up to 37 characters.

    Tip: The address might be the city and state in which the charity is located, or a Web address if you made a donation online.

  6. (Optional) In the Miles box, type the total number of miles traveled to and from the charity.

    Tip: If you enter mileage here, DeductionPro automatically enters it as a deduction on the Expenses & Mileage tab.

  7. In the category list, click Art & Collectibles.

  8. In the box provided, type a description for your donation, up to 25 characters.

    Tip: Use this field to keep notes that have enough detail to remind you of what you donated in case the IRS questions your donation.

  9. In the Qty box, type the quantity that you donated.

  10. In the Fair Market Value box, type the fair market value of the item. If you need assistance determining this value, you may need to consult an art or antiques dealer.

    For more information on fair market value, see IRS Publication 561, Determining the Value of Donated Property.

  11. From the Valuation Method drop-down list, select the appropriate option—Catalog, Comparable Sales, or Appraisal. See What should I enter as the Valuation Method? for more information.

  12. To enter another donation, click Add Another.

    To delete an entry (or row), click the delete row icon button beside the entry that you want to delete.

  13. To view a list of the items that you have entered, click Review Entered Items.

    To print a list of the items that you have entered, click Print Donation. When the Print Preview window appears, click the printer icon, and then click OK in the Print dialog box.

    To delete the entire list of items that you entered, click Delete Donation. If you entered mileage for this donation, DeductionPro will also delete the associated mileage entry on the Expenses & Mileage tab.

  14. When you are done entering items, click Finished.

  15. DeductionPro automatically:

  16. To enter another donation, click New Donation.

  17. When you’re done entering donations, click Save.