Wheelchair cost $12,000 of which we paid out of pocket $1,500 copay. Chair has now been donated; has resale value of $750 - $1000. How much can we claim as deduction?

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Wheelchair cost $12,000 of which we paid out of pocket $1,500 copay. Chair has now been donated; has resale value of $750 - $1000. How much can we claim as deduction?

With tangible personal property, you always deduct which ever is lower: the present fair market value or your cost basis. If your cost basis is $1500 but the current fair market value is $750, then your donation is worth $750 as a deduction.

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Wheelchair cost $12,000 of which we paid out of pocket $1,500 copay. Chair has now been donated; has resale value of $750 - $1000. How much can we claim as deduction?

With tangible personal property, you always deduct which ever is lower: the present fair market value or your cost basis. If your cost basis is $1500 but the current fair market value is $750, then your donation is worth $750 as a deduction.

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