Donate furniture took special depreciation on schedule E do you have to report income?

cbusa · ‎January 7, 2022

If you donate some furniture that you bought for your rental that you took special depreciation on schedule E do you have to report any income? I would assume not since your basis is 0 and you are not getting any money for it when you donate?

Vanessa A · ‎January 7, 2022

No, if you donated and received nothing for the furniture, you would not have a gain or any income to report.

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Carl · ‎January 7, 2022

Since the depreciated value is zero because you took the full special depreciation allowance, your donation value is zero also.

Donate furniture took special depreciation on schedule E do you have to report income?

Deductions & credits

Deductions & credits