What is the "cost or adjusted basis in the donated property"?

posted

Connect with an expert

1 Reply

What is the "cost or adjusted basis in the donated property"?

For basic stuff around your house, clothing, dishes, basics - it is what you paid.

Advanced: If you are donating appreciated stocks, art work, vehicles, or more complicated things you need to see

Publication 551 (12/2022), Basis of Assets - IRS

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post