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posted Jun 6, 2019 7:05:14 AM

Can I claim a donation of an item that was gifted to me? (i.e. grandma gives me items and I don't want them/can't use them so i donate them)

I have donated items that were originally gifted to me and don't know if those qualify for a deduction.

Also, inherited items from a relative that we cannot use so are those tax deductible if donated to a charity?  

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1 Best answer
Level 9
Jun 6, 2019 7:05:15 AM

Yes.

In most cases, the amount your can deduct is the lower of (1) the Fair Market Value of the item or (2) its "Basis".

The "Basis" of an item that you received as a Gift is usually the original purchase price by the person who bought it.

The "Basis" of an item you inherited is the Fair Market Value of the item on the day that person died.


However, be aware that if the value was $250 or more, you may need certain receipts or other things in connection with the donation.

https://www.irs.gov/publications/p526#en_US_2016_publink1000229835

Also be aware that unless you are Itemizing your deductions, a charitable contribution would not save any Federal income tax.



1 Replies
Level 9
Jun 6, 2019 7:05:15 AM

Yes.

In most cases, the amount your can deduct is the lower of (1) the Fair Market Value of the item or (2) its "Basis".

The "Basis" of an item that you received as a Gift is usually the original purchase price by the person who bought it.

The "Basis" of an item you inherited is the Fair Market Value of the item on the day that person died.


However, be aware that if the value was $250 or more, you may need certain receipts or other things in connection with the donation.

https://www.irs.gov/publications/p526#en_US_2016_publink1000229835

Also be aware that unless you are Itemizing your deductions, a charitable contribution would not save any Federal income tax.