I purchased a land in August 2023, and decided to to donate the lot to a charity two month later. Can I get a tax deduction for the FMV of the land with form 8283 ?

[Bsch4477]

Yes, if you itemize. You should have an appraisal to document the value of your donation. 

[Mike9241 · Accepted solution]

The appraisal is needed if the land is valued at over $5K. However, for tax purposes since the land was held short-term it is what the code refers to as ordinary income property Your tax deduction is Fair Market Value reduced by the amount that would be ordinary income or short-term capital gain if sold at FMV. in short your deduction is the lesser of your cost or Fair Market Value. 

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[alextargetn]

Thank you for the comment. Could you elaborate a little more?

the land is assessed to be at 27k dollars but I paid 2800 dollars at county's tax sale.

what would be the tax deduction if I donate within a year?

How about if I held more than a year?

[Bsch4477]

Do I understand that the value of the land is almost 10 times what you bought it for months ago?  You might have a hard time convincing the IRS of that. Read the publication here and use your judgment about what to report or get professional advice. 
https://www.irs.gov/pub/irs-pdf/p561.pdf

[Mike9241]

if held less than long-term your deduction is the lesser of your cost or Fair market value. 

[alextargetn]

I am debating if I should donate the land or wait a year so that I can get a better deduction.

Do you know any online accounting professional help that you recommend?

I don’t know where to reach out to find accountants who can help me.

[Mike9241]

I am debating if I should donate the land or wait a year so that I can get a better deduction.

this is up to you. there are costs involved with holding the land like real estate taxes.    no one can tell you what real estate values will be almost a year from now or what the tax laws will be that could affect the tax value of the donation.  to be of any benefit you must itemize your deductions.  Put s another way I don't think anyone can tell you with any certainty whether it's better to do it ASAP or wait.