Can I deduct loss of basis for charitable donation?

If the basis of donated property to a Charity is more than the appraised value, can this be deducted elsewhere? Ex, paid $15,000 for antiques 10 yrs ago, donated to museum and reported appraised value of $10,000. Can the $5000 of lost basis be deducted?

774

Level 15

Mar 25, 2023 3:33:28 PM

No.

Publication 526:

If you contribute property with a FMV that is less than your basis in it, your deduction is limited to its FMV. You can't claim a deduction for the difference between the property's basis and its FMV.

https://www.irs.gov/publications/p526#en_US_2022_publink1000229754

Level 2

Mar 25, 2023 3:46:23 PM

Thank you, that is what I expected. Appreciate your time to respond.

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Can I deduct loss of basis for charitable donation?