Client donated two pieces of property to the Town of Henderson, NV. Appraisal and necessary paperwork indicates that the land complies with the use for which the donation was made.
The client received five 1099's totalling 108918.66. From the holding company that handled the transfer of property. They also received a letter for each piece of land with a "contribution" amount totalling 215657.53.
On the Sch D do I use the fmv (108918.66) for basis and distribution with a statement explaining that apprasial, etc is attached? And then do the 8483 using 2156757.53 as the fmv and the donation value? Yes, the rules are confusing me.
The client received five 1099's totalling 108918.66. From the holding company that handled the transfer of property. They also received a letter for each piece of land with a "contribution" amount totalling 215657.53.
On the Sch D do I use the fmv (108918.66) for basis and distribution with a statement explaining that apprasial, etc is attached? And then do the 8483 using 2156757.53 as the fmv and the donation value? Yes, the rules are confusing me.
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