Quote:
Originally Posted by canjond
I'm certainly not a tax expert (I pay my CPA to be), but couldn't there be some value in a cheap purchase and donation for write-off purposes? I.e., collection has FMV of $10k, although difficult and time consuming to move. The collection is purchased for $100 and then donated to a series of thift store, charity auctions, fund raisers, etc?
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If the collection is purchased for $100, then it has a FMV of $100. You just spent $100 to save $30 on your taxes.