Posted by dhermesc on September 25, 2015 at 08:23:03 from (24.248.193.103):
In Reply to: McCormick Reaper value posted by bill finn on September 24, 2015 at 17:32:52:
He can't deduct more than his basis in it. If he has no basis he basically can't deduct anything. If he's going to say its worth $1200 first he'll have to recognize $1200 in capital gain then he can deduct its $1200 value from income for his taxes. The only real benefit is the gain is taxed at 20% and the donation comes off at his regular tax rate.
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