https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-i-purchased-an-item-of-clothing-for-1-000-00-and-claim-100-00-is-my-cost-basis/01/847907#M105644 Wed, 04 Sep 2019 02:26:21 GMT pcrohde 2019-09-04T02:26:21Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-i-purchased-an-item-of-clothing-for-1-000-00-and-claim-100-00-is-my-cost-basis/01/847907#M105644 Wed, 04 Sep 2019 02:26:21 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-i-purchased-an-item-of-clothing-for-1-000-00-and-claim-100-00-is-my-cost-basis/01/847907#M105644 pcrohde 2019-09-04T02:26:21Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-if-i-purchased-an-item-of-clothing-for-1-000-00-and-claim-100-00-is-my-cost-basis/01/847951#M105646 <P>It is not (at all) clear why you would want to do that but the general rule is that your basis in the property is the cost of that property.</P> <P>&nbsp;</P> <P>See&nbsp;<A href="https://www.law.cornell.edu/uscode/text/26/1012" target="_blank">https://www.law.cornell.edu/uscode/text/26/1012</A></P> Wed, 04 Sep 2019 03:14:15 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-if-i-purchased-an-item-of-clothing-for-1-000-00-and-claim-100-00-is-my-cost-basis/01/847951#M105646 Anonymous_ 2019-09-04T03:14:15Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-if-i-purchased-an-item-of-clothing-for-1-000-00-and-claim-100-00-is-my-cost-basis/01/848499#M105685 <P>Are you donating this item? Or did you purchase it for $1,000 at s charity auction (for example)?</P> Thu, 05 Sep 2019 21:25:40 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-if-i-purchased-an-item-of-clothing-for-1-000-00-and-claim-100-00-is-my-cost-basis/01/848499#M105685 SweetieJean 2019-09-05T21:25:40Z