Horse Donation > $5,000

Forum|Forum|2 years ago
October 14, 2023
3 replies
29 views

When completing 8283, the only solution I see to get the allowed FMV as a deduction is to check off intangible property. If I check off tangible property or business inventory/equipment the donation is limited to cost basis. Why is that? What's the fix?

ProSeries Professional

This topic has been closed for replies.

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TaxGuyBill

Level 15

First, verify that you are allowed to use the FMV, rather than Basis. In my experience, it is somewhat unusual.to be able to use the FMV when it is higher than Basis.

If you are allowed to use FMV, I think you need to override. The last I checked, I don't think ProSeries had a way to use FMV (probably because it is unusual that you can use FMV), so you need to override.

BobKamman

Level 15

Was the horse appraised? Held for more than a year? Or maybe we're talking about a house. The U and R are very close to each other on my keyboard.

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Paul25Author

Level 2

Thank you for your reply. It is a horse. It was appraised and it was held for more than a year.

IRonMaN

Level 15

Was Mr Ed a business asset?

Slava Ukraini!

PATAX

Level 12

Does the owner pick up the horse droppings? If not please do so. Me and Heidi almost stepped in some yesterday. And when you step in that crap it comes up to your socks. This is more important than the deduction. Thank you.🐕☝

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