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Ok, receipt has the item, fmv of the item and TP's winning bid for item. So if the fmv is $2000 and the TP winning bid was $1000, sounds to me like no deduction but then again I am exhausted. Help appreciated.
Charity? You're right. No excess contribution over value (FMV) of what they received, so no deduction. Unless client is aggressive enough to dispute FMV.
Ok, receipt has the item, fmv of the item and TP's winning bid for item. So if the fmv is $2000 and the TP winning bid was $1000, sounds to me like no deduction but then again I am exhausted. Help appreciated.
Do we get a hint as to what the deduction might be for? Buying real estate at a foreclosure sale? Buying some artwork to hang in the office at an art auction?
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