Donated Burial

[Possi]

Will do!

I'll do that!

[bgiez]

Don't forget to attach the written appraisal since its FMVis > $5000

[Possi]

That's One!

I would have said limit it to basis but I guess I am wrong. I would say go on and claim FMV.

... that's one for a heavy hitter! Thanks, erchess!

do I hear a "second?"

[erchess]

Very Interesting

I would have said limit it to basis but I guess I am wrong. I would say go on and claim FMV.

[Possi]

My client donated a Mausoleum, casket and inscription to a church and has paperwork stating the FMV as a little under $17k.

She bought it for $11k (around that).

My clients only give away junk they think is worth thousands. This is the first time I've had to deal with anyone giving away something actually WORTH anything!

I read and re-read the rules, and pulled this from TTB:

"Capital gain property. Capital gain property is
property that would generate a long-term capital
gain if sold. Examples include stocks and bonds
held long term, and personal items such as clothes,
furniture, and automobiles. The deduction generally
equals FMV."

Am I reading that right? Would it qualify for taking the FMV? It was given to a church. I have plenty of documentation to back up the deduction.

Thanks!~~