TP paid 1 yr storage rent via donating to the church. TP has acknowledge letter from church dated in 2012 but no amt was listed. Storage unit was in the name of the Church and TP issued payment to Storage unit. TP included invoice. So everything looks good and my question is how does one value this? Present Value, Replacement cost new, Comparative sales, just some of the options I have in my ProSeries drop down menu.
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I would list this as a cash donation to the church. I would not fill out form 8283. He donated money, not goods.You have the right to remain silent. Anything you say will be misquoted, then used against you. -
Storage unit is a charity?
I am unsure how you could consider this a cash donation to the church. Unfortunately the TP didn't give the money to the church. He paid the storage fee to a for-profit business. He may have deduction of charity here, but I hardly think it was cash to the church.Comment
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Well, perhaps I am wrong. But, a church is not a business. If the taxpayer paid a bill for the church and the church gave him a letter stating such payment, and he has evidence of the payment, I would certainly consider it a donation. It is not goods. So it is a form of a cash donation.You have the right to remain silent. Anything you say will be misquoted, then used against you.Comment
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I agree - cash donation. This is no different than the situation in which the church member goes on a church-sponsored mission trip or conference of some sort and pays expenses out of his pocket. They are deductible as cash contributions even though the cash was not given to the church before being disbursed."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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