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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4678
Experience:  35 years tax experience, including four years at a Big 4 firm.
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Taxpayer in 25% tax bracket is considering donating boat to

Customer Question

Taxpayer in 25% tax bracket is considering donating boat to organization that says the value of a donated boat can be as much as a $4800 deduction. Boat is definitely worth more than that. Can taxpayer deduct all of the $4800 in one tax year or must it be spread over several years?
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from Just Answer. I'mCustomer I will assist.

Expert:  PDtax replied 1 year ago.

The entire donation can be claimed in the year it is donated.

You should know that the amount of the deduction will generally be limited to the amount the charity gets when they sell the boat, unless the charity will actually use the boat themselves (which supports a higher value). You will get a contemporaneous statement to support the deduction.

Thanks for asking at Just Answer. Positive feedback, when you rate my assistance, is appreciated. I'mCustomer

Customer: replied 1 year ago.
Reply seemed to adequately answer my question. l would consider usingCustomeragain.
Expert:  PDtax replied 1 year ago.

Thanks. Can I ask you to rate using our five star rating scale? It's for management tracking.