Re: [taxchat] Qualified Donation?

And what it would be worth to an individual who might use it occasionally would be different to what it would be worth to an organization that is going to use it extensively in their operations.  No doubt they are basing it on what they would have to pay to buy one, but if it's what they consider it worth, and they say so in writing, then the client has a basis for his deduction, as long as HIS basis is at least that high.

 

KC Jenkins

On Thu, Dec 11, 2008 at 1:24 PM, Robert Lukey <rlukey@gmail.com> wrote:

Using an example of a car being donated. The receiving organization is to give a receipt that says the value is no more then $500 and then when they sell the vehicle they are supposed to notify the giver the exact amount of the sale. When the recipient organization is going to use the vehicle for their own use then they are to give you an FMV based upon some logical reasoning. If the organization is willing to give you a receipt for $3,020 then they must have a logical reason for their value especially since they are intending to use it themselves. Just because there are no exercise freaks with money to burn doesn't mean that the organization can't use it.

On Thu, Dec 11, 2008 at 10:55 AM, Sandy <tilt53@charter.net> wrote:

Hi folks,

Client has a very expensive, commercial Stairmaster that he cannot use
anymore. He listed it on craigslist for $800 and never received any
calls. Now he received an email from a non-profit (I checked, they are
on the IRS list) wanting him to donate it to their Teen Obesity
Division. The part that makes me uncomfortable is that they are
offering him a receipt stating the value is $3020.

Can he claim that amount as a full donation? Is it similar to donating
a car to a charity that they keep? I'd appreciate some guidance.
Thank you as always.

Sandy

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