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Zip Taxes
Zip Taxes, Tax Preparer
Category: Tax
Satisfied Customers: 156
Experience:  CTEC Licensed / Mgmt Experience with H & R Block... Self Employed since 1986 Experienced in all Scheds
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What is the tax value of two cochlear freedom processors, controllers,

Resolved Question:

What is the tax value of two cochlear freedom processors, controllers, cables & coils and other cochlear accessories?
Submitted: 3 years ago.
Category: Tax
Expert:  Zip Taxes replied 3 years ago.

Zip Taxes :

Thank you having the trust to answer your question. When answered to your satisfaction be sure to hit ACCEPT. TIPS are welcomed / good deeds come back

Zip Taxes :

You would take the value FMV of the product... such as this is a medical device and get a valuation of it. The tax value = the FMV (FAIR MARKET VALUE)

Zip Taxes :

My question is, how are trying to tax the product?

Zip Taxes :

is it's a medical deduction

Customer:

We donated my deceased father's cochlear implant and they gave us a letter saying we did such but said we needed a tax advisor to tell us how much to claim?

Customer:

It was less than two years old

Zip Taxes :

Ahh, I see, you would be safe a 50% value

Customer:

Im just nervous about it because the cost new was $4K so you're saying we could claim $2K?

Zip Taxes :

Just be sure to have some pricing for new ones in your file as research

Zip Taxes :

yes, you are okay

Customer:

Can I ask how you came up with 50%?

Zip Taxes :

The Research is what can save you... if you have documents to show that they are 4,000

Customer:

is that because of how new it was? I.E. less than 2 years old

Zip Taxes :

It's the depreciated value

Zip Taxes :

Did you donate to a specific charity?

Customer:

yes

Customer:

We donated it to the place that installed it

Zip Taxes :

I see

Customer:

University of Colorado

Customer:

Audiology clinic

Zip Taxes :

Then schools fall under the 50% catagory for public

Customer:

Sorry to belabor the point but does 2 years use follow a general depriciation scale

Zip Taxes :

Are you using a tax software?

Customer:

Turbo Tax

Zip Taxes :

It's the institution that you donate to that dictates the tax deduction

Customer:

its deductible wants to find it on ebay and they don't sell the implants on ebay. only accessories

Zip Taxes :

When you are on your Sched A on Turbo Tax, you can click on the amount under churches, schools etc...

Zip Taxes :

yes, I don't think you can find that on ebay

Zip Taxes :

wow

Zip Taxes :

that would be something

Customer:

OK. Yeah its not your avg donation.

Customer:

but they're so dang expensive and he barely had it before he died that we figured some needy person could use it.

Zip Taxes :

but anyway because it's only two years old and not 10, it's worth 50%

Zip Taxes :

oh absolutly

Customer:

Thanks for your help. I'll find the reciepts and claim 50% of the value.

Zip Taxes :

You still have the bill when you purchased it?

Customer:

I'm sure my mom has them

Zip Taxes :

yes, find that receipt.

Zip Taxes :

just file it

Zip Taxes :

no need to prove it

Customer:

ok. Anything else you can think of

Zip Taxes :

Turbo Tax has a Audit Protection Program you may want to use to if you worry

Customer:

good thought

Zip Taxes :

it's a peace of mind that will be best

Zip Taxes :

I'm thinking

Zip Taxes :

IRS knows that you just can't find it on Ebay or some Classified... the receipt would be good enough and reducing it by 50% keeps you in the safe zone, if you go 80%, it may raise a RED flag.

Customer:

ok. thanks so much for your help!

Zip Taxes :

Referring to a Medical Product.

Zip Taxes :

You are very welcome

Zip Taxes, Tax Preparer
Category: Tax
Satisfied Customers: 156
Experience: CTEC Licensed / Mgmt Experience with H & R Block... Self Employed since 1986 Experienced in all Scheds
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Zip Taxes
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CTEC Licensed / Mgmt Experience with H & R Block... Self Employed since 1986 Experienced in all Scheds