- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
The rule is: you deduct the lesser of Fair Market Value (FMV) or your cost basis ($3000 in your case).
In most cases, when you buy something for the specific purpose of donation, those two amounts are the same.
‎July 28, 2020
8:35 AM