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Deductions & credits
@Davesilb , while agreeing with my colleague @Opus 17 , just wanted to add that available deduction for in-kind donations amount is the lower of the basis ( cost of acquisition plus other allowable costs ) and FMV at the time of donation. There is also AGI based limitations on charitable contributions recognition for the tax year. A very good source is IRS pub 526.
‎April 27, 2024
10:55 AM