We own a condo that is professionally managed and rented all year. We donated a week use of the condo to a registered charity. There are 3 different values: the cost that the occupant pays to the management company ($3,000), the owner (our) proceeds from a rental ($1,500) and our finally out actual out-of-pocket cost for the wee ($35) - not counting the lost potential revenue. What amount may be deducted as a charitable contribution, if any?
None of those, as you did not donate your total interest in the condo.
IRS rules generally don’t allow a charitable deduction for a contribution of less than your entire interest in property. The IRS says that a contribution of the right to use property is a contribution of less than your entire interest in that property and is not deductible. Here’s an example of this rule in action directly from IRS Publication 526, Charitable
None of those, as you did not donate your total interest in the condo.
IRS rules generally don’t allow a charitable deduction for a contribution of less than your entire interest in property. The IRS says that a contribution of the right to use property is a contribution of less than your entire interest in that property and is not deductible. Here’s an example of this rule in action directly from IRS Publication 526, Charitable