How do non-cash, charitable donations work in terms of tax deductions?

Discussion in 'Archived Threads 2001-2004' started by Daniel Swartz, Apr 24, 2002.

  1. Daniel Swartz

    Daniel Swartz Second Unit

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    For example, if I donate 10 items (all the same) that I purchased at $10/each ($100 total), in a very good deal, but can find them at retailers easily selling for double that, what amount am I allowed to deduct? $100 or $200? Thanks!
     
  2. Chris Lock

    Chris Lock Second Unit

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    $100 in that case, since that was how much you spent on what you donated.
     
  3. Daniel Swartz

    Daniel Swartz Second Unit

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    Thanks. I wasn't sure if it was actual value or fair market value.
     

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