You'll need to sign in or create an account to connect with an expert.
You can deduct the excess, if any, between the FMV of the item and the amount you paid as a charitable donation, assuming you paid more than FMV for the item. You must, however, be able to show that you knew the item was worth less than what you were paying when you purchased it.
You can deduct the excess, if any, between the FMV of the item and the amount you paid as a charitable donation, assuming you paid more than FMV for the item. You must, however, be able to show that you knew the item was worth less than what you were paying when you purchased it.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mrb5
Level 1
DatBio
Level 2
rabihalarif
New Member
Stevenada1999
Level 1
mikemann101
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.