Simple Question......I Hope

[kfern]

I have two questions. First if an item is donated and the value is $500. How much approximately will I get back of this on my taxes? ($1, $5 etc). Just looking for the value of the donation to me.

The second question. This same item was donated and 5 years later I received it back for where I donated it due to the closing of the foundation and the use of it no longer needed. They are telling me that in order to receive it back, I need to pay approximately $50 for tax purposes. Is this correct? How should this type of transaction work?

Thanks Alot

Keith

[Nashville]

Doesn't Stack Up

Kfern, I've been around a long time (maybe too long), and I know when something is not stacking up. Either you have been given bad advice, have fallen to tax "myths" that are out on the street, or have not presented your facts to us clearly.

The best advice anyone here can give you would be to consult with a reputable tax preparer in your area. Best source could very well be the websites for the NAEA, NATP, or AICPA.