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Author: foo1bar Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Deduction Amount? Date: 6/28/2010 3:47 PM
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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)
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