Originally Posted by
RGNY
no, just gave me a receipt for a donation (in the form of the bike) of $1200. never even asked what i paid for it. i've heard similar stories from folks that itemize Salvation Army donations.
excerpted from IRS Publication 561:
To figure how much you may deduct for property that you contribute, you must first determine its fair market value on the date of the contribution.
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction…
sure, lotsa folks cheat on taxes & you will get away with it too, but i am sorry to have to say that the fact that you, as an ex-cop & leo of some sort even now, do not hesitate to violate federal tax regs is very revealing...