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what is accumulated depreciation for charitable contributions
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Accumulated depreciation for charitable contributions would be the total depreciation expense that you record on an asset (like a piece of equipment) from the date that you purchased it until the date you donated it.
For tax purposes, the amount depreciated is important because it will reduce the amount you are allowed to deduct. Per the IRS if you donate property that has been depreciated, your deduction would be limited to the property's fair market value (FMV) less the accumulated depreciation that would have been "recaptured" as ordinary income if the asset had been sold.
Click here for Publication 561, Determining the Value of Donated Property
Click here for Publication 526 (2024), Charitable Contributions
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