Lake Travis Topics: Tax Question??

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	Name:	Maverick -
	Subject:	Tax Question??
	Date:	12/23/2008 7:18:10 PM

The best advice I can give you is to hire a tax professional and have them write an opinion letter if they state such is tax deductible -- then have then specifically state what you need in writing in order to deduct such on your tax return and if you are audited they will pay any penalties, interest, etc if the deduction is disallowed.

This is a very GRAY area and if the NON-CASH charitable deduction is outside the norm of your income bracket I can almost guarantee you, your return will have a high probability of being kicked out by the IRS computers for a review. As the IRS has 3 years from the date the return was to be filed or was actually filed which ever is later, to request additional documentation.

What I will say is if you do not have in writing that you are unequivocally transferring 100% of your rights in the property to the fire department to do with such as these please then you have not given up your rights in the property and the deduction will be disallowed.

Also there are Limits as to What You Can Deduct within the year of Donation -- The tax deduction for charitable contributions generally is limited to 50% of your adjusted gross income (AGI). The deduction for appreciated property is limited to 30% of your AGI if you choose to deduct the fair market value of the property or 50% if you choose to deduct the basis of the property. The 30% limit also applies to charity donations of property to certain organizations, such as veterans' organizations, fraternal societies, nonprofit cemeteries, and certain private nonoperating foundations, and to donations of property for the use of an organization. A 20% limit applies to gifts of capital gain property to or for the use of an organization subject to the 30% limit. Contributions in excess of the limit can be carried forward for up to 5 years.

So long story short -- SEEK TAX ADVICE as this is a very complicated tax matter and has a high probability of the IRS seeking additional documentation surrounding the NON-CASH charitable contribution.

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Tax Question?? - Maverick - 12/23/2008 7:18:10 PM

I agree with Mav - Ulysses E. McGill - 12/24/2008 12:10:41 AM

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