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Level 4
January 7, 2022
Question

Donate furniture took special depreciation on schedule E do you have to report income?

  • January 7, 2022
  • 2 replies
  • 26 views

If you donate some furniture that you bought for your rental that you took special depreciation on schedule E do you have to report any income? I would assume not since your basis is 0 and you are not getting any money for it when you donate?

    2 replies

    Level 15
    January 7, 2022

    No, if you donated and received nothing for the furniture, you would not have a gain or any income to report.  

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    Carl
    Level 11
    Level 11
    January 7, 2022

    Since the depreciated value is zero because you took the full special depreciation allowance, your donation value is zero also.