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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- can i deduct a charitable donation for capital gain property that has been fully depreciated
can i deduct a charitable donation for capital gain property that has been fully depreciated
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TWW
Level 1
11-07-2022
10:30 AM
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client received a grant and purchased equipment. he then S179 that property. next year (over 1 year) he wants to donate that property with sizable FMV to a charitable organization. since his basis is 0 does he get any donation deduction?
2 Comments 2
Terry53029
Level 14
11-07-2022
11:50 AM
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the tax rules limit the amount of your charitable deduction to the asset's FMV minus the amount of ordinary income that would result in this hypothetical sale.
