on your tax return? If not, what percentage can you deduct? Is this the same as the recent ruling that cars donated to charity can only deduct the amount received at auction?
2006-09-18 07:21:33 · 7 answers · asked by nalashelby 2 in Business & Finance ➔ Taxes ➔ United States
you can deduct the FMV. If the time share has appreciated in value then donating it would be much smarter then selling it, paying cap gains, and donating cash. look at the rules on donating stock to see more details.
2006-09-18 07:31:49 · answer #1 · answered by Justin T 1 · 0⤊ 1⤋
I think so. As far as I know, all charity donations are deductable... while political donations are not. As long as no political party or candidate can benifit from the donation, I believe you can get a full deduction. You should verify that with an accountant though.
2006-09-18 07:30:48 · answer #2 · answered by tbayxxxv 4 · 0⤊ 0⤋
You can deduct the fair market value of your donation, which may be different from what you paid for it. Be sure the agency you're donating to is a 501(c)(3) charitable organization, not just "tax exempt."
Not sure about waiting for sale; I'll check on it.
Add: Apparently, the ruling about waiting for sale only applies to vehicles.
2006-09-18 07:30:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would think so. To be certain, check with a tax accountant.
It may be "Market Value". May be more than cost. Could require an appraisal.
Even for donating used clothing, very recent receipts are necessary. Old stuff won't fly.
2006-09-18 07:33:54 · answer #4 · answered by ed 7 · 0⤊ 0⤋
Should be full deduction as timeshare values are steady in most areas and don't deprecciate.
2006-09-18 07:32:53 · answer #5 · answered by FAQguy 2 · 0⤊ 0⤋
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2016-10-01 02:52:59 · answer #6 · answered by ? 4 · 0⤊ 0⤋
You can deduct Fair Market Value, regardless of what you did or didn't pay for it.
2006-09-18 07:29:34 · answer #7 · answered by Happy Hag 2 · 0⤊ 1⤋