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Level 2
June 5, 2019
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Is personal property inherited and then donated to qualified charities deductible from my federal\state taxes ?

  • June 5, 2019
  • 16 replies
  • 123 views
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Best answer by MinhT1

Yes, if you donate inherited property to a qualified charity, you can deduct it as Charitable contributions.

The items donated must be valued at their fair market value (FMV) at the time of donation.

Please see this IRS document:

https://www.irs.gov/taxtopics/tc506


16 replies

MinhT1Answer
Alumni - Intuit
June 5, 2019

Yes, if you donate inherited property to a qualified charity, you can deduct it as Charitable contributions.

The items donated must be valued at their fair market value (FMV) at the time of donation.

Please see this IRS document:

https://www.irs.gov/taxtopics/tc506


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Level 2
June 5, 2019
great help - thank you