I agree. I think Sandy was just worried about the fact that he did not get any bites at $800. But since that was on a list that is primarily for selling to individuals, and most of those do not want or need a 'commercial Stairmaster' in their home, that is not a fair determinate of it's FMV. In fact, the very fact that he priced it so low may have scared off some buyers, so would assume that if the price was so low, it must be in poor condition. I also wonder if he would not have gotten that amount easily, if he'd gone to his LOCAL gyms and such, with a few pictures, and offered it for a cash sale.
KC Jenkins
On Thu, Dec 11, 2008 at 3:00 PM, Arnold M. Socol <waymeans@verizon.net> wrote:
Good to know it cost over $6000 a short time ago. The $3K sounds like a realistic FMV>Sent: 12/11/2008 3:36 PMSubject: [taxchat] Re: Qualified Donation?Arnie, he paid over $6000 for the equipment 1 1/2 year ago. Had a knee
replacement and can't use it anymore. At this point I feel comfortable
taken the writeoff. The charity is the one setting what they feel is
the value. Same as in a "kept" car donation. If they can set the
value for a car, then the same logic suggests that this charity can set
the value (to them) of the equipment. Basically, I wanted to see if
others saw the logic in the argument.Arnie Socol
President
Ways & Means, Inc.
845-562-6070
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