There are a couple variations.
You could always provide further details for a more personalized answer.
If the item increased in value, you may need to use the cost.
To clarify, is the donation something else?
According to IRS Pub 526:
"If you contribute property with a FMV that is more than your basis in it, you may have to reduce the FMV by the amount of appreciation (increase in value) when you figure your deduction. Your basis in property is generally what you paid for it. "
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
