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Deductions & credits
@luckws You can't deduct the lost revenue. If the property was used by a qualified charity, you may be able to argue that the rental expenses were a contribution, but the forgone rent income would not be deductible, as there is no guarantee that the property would have been rented if you hadn't donated it, and there would be no way of accurately calculating what the forgone rent income would have been. You can't prove the value of something that never happened!
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May 16, 2021
8:03 PM
431 Views