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HELP! Land donation

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    HELP! Land donation

    I have a client that donated two pieces of land to the City of Henderson, NV for a natural preserve.

    His FMV at time of transfer was much higher than his basis. He and the City meet all the qualifications to use the FMV as his basis...do I do a Sch D with cost and sale the same amount and then a non-cash donation form? The instructions are confusing me.
    Believe nothing you have not personally researched and verified.

    #2
    Only Schedule A

    contribution deduction, limited to 30% of AGI. Unless it was a "bargain sale". You need the appraisal and the City to sign off on the form it more than $5000(?)-8283(?). Usually the City is aware of what needs to be done.

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      #3
      Land Donation

      Mahalo for your response. I have all the necessary papers just wanted to be sure I didn't have to do a Sch D.
      Believe nothing you have not personally researched and verified.

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        #4
        HELP Land donation

        I have all the necessary papers for the client to take the donation but the holding company that handled the deal sent five 1099's totalling over 100K and letters on the land showing a contribution amount for over 200K.
        Problem is if I only do an 8483 isn't the IRS going to question why the 1099"S were not reported?
        Do I do a Sch D that washed itself out with a statement that the land was donated and a reference to the 8483...and then which amounts do I use. The client got no cash and the fmv according to the paperwork is less than the amount the company is telling him he can claim as a donation......
        Believe nothing you have not personally researched and verified.

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