Quote:
Originally Posted by egbeachley
If the collection is purchased for $100, then it has a FMV of $100. You just spent $100 to save $30 on your taxes.
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Again, I may be wrong but I didn't think determining FMV for taxing purposes is so cut and dry. For example, if I walk into a flea market and purchase a 52 Topps Mantle for 25 cents, and subsequently decide to donate it to charity, am I only able to write 25 cents off my taxes, or am I able to write off the FMV (a price someone is willing to pay for the item) - let's say $10k? In other words, I didn't think FMV had to take into consideration a "bargain" purchase price.
Oh well either way.