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TP winning bid less then FMV

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    #1

    TP winning bid less then 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.
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    #2
    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.

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      #3
      Originally posted by AZ-Tax View Post
      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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        #4
        Couple trips at a charity auction

        Couple trips at a charity auction

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