Message Font: Serif | Sans-Serif
No. of Recommendations: 1
It has been there only a few months, but I know others have used it. I spent around $500 for it

If I give this away to the church, how much can I claim?

IMO if you donated it to the church when you bought it, you could claim what you paid for it (backed up by a receipt of course)
If I were you, and I had bought it since Jan., I'd consider it a donation to the church I just hadn't gotten fully documented yet. (Because I'm guessing that was probably your plan anyhow, since you brought it to the church and have left it there for use by whoever needs to use it)

But if you really didn't plan on leaving it with the church until now, $375 seems a reasonable number to use.
We're talking about a difference of ~$40 in what you owe the IRS: ($125 * 33% = $41.25)
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.