Quote:
Originally Posted by JBirkholm
I'm fairly certain you are able to write off such an item at current FMV. I have donated a car to charity in the past. The charity employs an impartial assessor to ascertain FMV and then mails you a tax-deductible receipt for the FMV amount according to the assessor's findings. Perhaps the answer lies within finding the opinion of a recognized/approved appraiser.
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Jodi
In Canada, there are a number of rules that deal with donations, including a three year rule look-back rule restricting donations to the purchaser's cost, rather than fair market value. These amendments were put into place to prevent what the fisc considered inappropriate donation schemes whereby a taxpayer profited through a donation after taking into account the tax credit. Donations aren't always a simple thing when the donation isn't cash.
Max