: > snipped-for-privacy@sbcglobal.net wrote: : > : Our cost basis was in the thousands of dollars. The resale value of the : > aids is probably $250, maybe more, but we didn't want to go thru the : > headaches of the resale process. : > : > : -- : > : > So you donated them, which was admirable. You should still be able to : > claim the resale value. that is what all the people who donate cars are : > supposed to do. Just because you didn't take the trouble to sell them and : > collect the money doesn't mean that was not the value of the gift. If I : > had a anting that I could sel for $1,000000 but I gave it to themuseum
: "a anting"? Is that a painting?
: > instead, I could still claim the gift deduction of $1,000,000 as long as I : > have enough income (over $1,000,000 a year, to deduct it from.
: Actually, you'd need over $2 million dollars, since charitable : deductions are limited to 50% of your AGI (except for certain types of : organizations, which are limited to 30%).
: -- : Barry Margolin : Arlington, MA