olds84tor
Returning Member

Deductions & credits

Thanks,

So, Do not concern myself with prior depreciation, just put FMV (appraised value at time of donation) on schedule A and attach Form 8283 section B. No need to use Form 4797 to figure recapture and report as ordinary income on schedule C.  Even though the property was depreciated over a period of years. The FMV is far more than the Adjusted basis.

Since there is Up to 40% penalty if reported wrong, please be specific as to forms and procedure.