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.
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.
Comment