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lighthousetaf
Level 1
December 7, 2019
Solved

The cost basis of a piano is lesser than the appraisal value what is your non cash contribution on sch A?

  • December 7, 2019
  • 2 replies
  • 121 views
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Best answer by sjrcpa

If held for more than 1 year, and not inventory, appraised FMV.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

If held for more than 1 year, and not inventory, appraised FMV.

The more I know the more I don’t know.
TaxGuyBill
December 7, 2019

If the piano was "ordinary income property" (such as depreciation recapture if it was depreciated for a business):  The deduction is usually the Basis.

https://www.irs.gov/publications/p526#en_US_2017_publink1000229756


If the piano was "capital gain property" and the piano is not being used for the charitable work ("unrelated use"):  The deduction is the Basis.

If the piano was "capital gain property" and the piano *is* being used for the charitable work:  The deduction is usually the FMV (but see link for other exceptions).

https://www.irs.gov/publications/p526#en_US_2017_publink1000229761



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