Selling a Tangible Charitable Donation

[ots0108]

If you receive a tangible item in a charity auction then write of that amount paid as a donation deduction, can you in later years sell that item?  

[JohnW222]

Yes, you’re fine in selling the item.

Just FYI, though – in a charity auction situation, you’re only allowed to deduct the amount you paid that is in excess of the fair market value of your purchase.

If your purchase was made for equal to or less than the fair market value, no deduction is allowable.

[ots0108]

Thank you very much... and yes, I deducted the cost of the item and wrote of the rest...