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.
|
Legally, you're not supposed to make a "profit" off of charitable donations. Realistically, I don't think you're going to get a huge argument if you're not being a pig about it.
Being in the auto business, I occasionally donate or facilitate donations of worn out cars. Getting a $500 tax donation for a car that sells for $200-300 when it's auctioned is not going to raise eyebrows - and most people have basis in the vehicle anyhow. Buying an old junker for $500 to make a donation and charge off $5000 - that'll get you in some trouble. No different than cards I'm sure.