We just remodeled our kitchen and donated the cabinets and countertops to an IRS approved charity. We also paid an IRS approved/certified appraiser to appraise the donation and create a form 8283 to be submitted with next year's tax return when we claim the donation.
Today I received an email from the appraisal company telling me the importance of populating part 1 of section B on form 8283 when I file. They said they can complete this section for a fee, I can have my accountant do it, or I can do it - it just needs to be done. I looked at this section of the form and it seems straightforward except for determining the cost basis in my case.
The cabinets and countertops we donated were original to the house as far as I know. The house was first sold in late 2004 and we bought it in 2012. Since the cabinets and countertops were part of the total cost of the house, how do we determine our cost basis in them?
