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A boat valued at $95,000 is going to be given to boy scouts,

Customer Question
the basis is $25,000....
A boat valued at $95,000 is going to be given to boy scouts, the basis is $25,000. It has been owned for 6 months. How much can you deduct on Schedule A?
Submitted: 1 year ago.Category: Tax
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Answered in 1 minute by:
8/4/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,393
Experience: Certified Public Accountant
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Hi my name is Mark. I will be happy to help you with your questions.

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Customer reply replied 1 year ago

ok

Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

I am checking on this for you. Do you know what the boy scouts will do with the boat?

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Customer reply replied 1 year ago

no, they may keep it to use OR sell it for cash

Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

The amount that you are able to deduct depends on what the boy scouts do with the boat.

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Customer reply replied 1 year ago

OK, if they keep it and use it what would be the deduction

Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Ok if the sell the boat your deduction would be whatever they receive for the boat. If they keep the boat your deduction would be the Fair Market Value of the boat.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

How did you determine the FMV of the boat?

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Please let me know if you have any questions or need clarification. I am happy to help.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

IRS publication 4303 would address your situation.

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Mark Taylor
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