Discussion Archives:Charitable Contribution of a Week

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Discussion Forum Index --> Advanced Tax Questions --> Charitable Contribution of a Week

Discussion Forum Index --> Tax Questions --> Charitable Contribution of a Week

Taxcpa (talk|edits) said:

5 October 2011
Client donates one week of his resort to charitable organization for auction.

The FMV of one week is $2,800.

If the auction value is $3,500, does he get cash contribution for $3,500?

Kbairtax (talk|edits) said:

5 October 2011
Yellow box: "donation of timeshare" Good discussion that answers your questions.

Captcook (talk|edits) said:

5 October 2011
What is his basis in the week at the resort?

Kevinh5 (talk|edits) said:

5 October 2011
other yellow box search terms might be

timeshare entire interest


donation entire interest

Ckenefick (talk|edits) said:

6 October 2011
When you get audited on this, as have some of the dumbasses I represent, you want to throw out 4 or 5 numbers to the IRS as estimates of value. But before doing so, find out exactly what your client actually deducted. So, maybe you tell the IRS that value estimates are $4800, $3600, $3500, and $4100. Then you tell the IRS that client deducted the $3500 to be conservative.

Death&Taxes (talk|edits) said:

17 October 2011
Well, the Tax Court speaks: http://www.ustaxcourt.gov/InOpHistoric/vanderLee.TCM.WPD.pdf

Scroll to Page 26, but you should read the entire case for Ms. Van der Lee has other charitable service issues where the Court mentions the Van Dusen cat lady case, and Mr. Van der Lee and the Service get into it on the trader versus investor issue.

Ckenefick (talk|edits) said:

17 October 2011
...big surprise.
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