Quote:
Originally Posted by canjond
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.
|
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.