Go to Jeff Salisbury LWGate Home Page.From: "Gregory J. Bunger" <73174.377@compuserve.com>
Subject: Charitable contributions
Date: Wed, 24 Nov 1999 20:14:41 -0500
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Re: How to handle gifting of abandoned items. Technically, you can only claim the lesser of the fair market value or yo= ur basis when gifting something to charity. So if the items were abandoned,= you have no basis (or cost) so you can't write any of the gift off as a charitable deduction. If you counted their value as rent received, included it on your shcedule= E, then you could deduct the amount you claimed as income, as long as it was less than the fair market value. In reality, the IRS is not going to question how you obtained the abandon= ed items and would only question the value you put down as a charitable deduction. (Unless you are giving away an unusually large amount of items= ). Hope this helps. Greg Bunger 73174.377@compuserve.com - -
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