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Deductions & credits
Giving Property That Has Increased in Value
If you contribute property with a fair market value (FMV) that is more than your basis in it, you may have to reduce the fair market value by the amount of appreciation (increase in value) when you figure your deduction.
Your basis in property is generally what you paid for it. If you need more information about basis, see Pub. 551.
Different rules apply to figuring your deduction, depending on whether the property is:
Ordinary income property, or
Capital gain property. - Amount of deduction—General rule. When figuring your deduction for a contribution of capital gain property, you generally can use the FMV of the property.
For exceptions to the general rule, to confirm you are allowed the full FMV you can click this link: IRS
Publication 526 Charitable Contributions
If you actually sold property and then turned the money over to the charitable organization, then you have to report the sale and then take the contribution deduction.
Please add a comment if you have questions.
June 4, 2019
11:47 AM