Joined: 19 Mar 2010 Location: United States
Online Status: Offline Posts: 112
Posted: 07 Mar 2012 at 23:45 | IP Logged
vinceP, because I'm done, I can tell you, that is the dopiest answer ever.
Tax code is clear - you can deduct a charitable contribution minus the FMV
of items received. If you give to PBS and you get a tote bag, you subtract the
value of the bag from your deduction, unless you refuse the bag.
Joined: 20 Aug 2011 Location: United States
Online Status: Offline Posts: 162
Posted: 08 Mar 2012 at 17:43 | IP Logged
I agree with taxprofmom. In regards to the art work, you deduct the difference between the actual cost of the item you received from the FMV, meaning $1,200 minus $800 equals $400.
The usual textbook example refers to buying fundraiser dinner tickets. You deduct the cost of the meal from the amount you paid. So if the tickets were $200 and the meal is $50, then the contribution amount is $150.
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Topic: itemized deduction
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