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TWW
Level 1
November 7, 2022

can i deduct a charitable donation for capital gain property that has been fully depreciated

  • November 7, 2022
  • 2 replies
  • 5 views

client received a grant and purchased equipment.  he then S179 that property.  next year (over 1 year) he wants to donate that property with sizable FMV to a charitable organization.  since his basis is 0 does he get any donation deduction?

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    2 replies

    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    November 7, 2022

     the tax rules limit the amount of your charitable deduction to the asset's FMV minus the amount of ordinary income that would result in this hypothetical sale.

      sjrcpa
      sjrcpa
      Level 15
      November 7, 2022

      Also, does donating/disposing it violate the terms of the grant?

      The more I know the more I don’t know.
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