"Friendly person" <ette...[at]myway.com> wrote:

- quote -

The property you gave away is a charitable contribution, not
a loss, so it would be reported as an itemized deduction on
Schedule A line 16. As for your receipts for the property
you donated, it must meet the substantiation requirements,
ie, Name of charitable organization, date of contribution,
etc.

See pages A-4 and A-5 in the Form 1040 Instructions booklet
for more info.

Depending on the amount of your total itemized deductions on
Schedule A line 28, you might be better off taking the
standard deduction amount for your filing status.

Rudy
www.LizcanoTaxServicesLLC.com

Disclaimer: The posted answer is for educational purposes
only and Lizcano Tax Services, LLC and/or Rodolfo Lizcano
have not been engaged to render any tax, accounting, legal,
or other professional services.

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"Friendly person" <ette...[at]myway.com> wrote:

- quote -

You can deduct the FMV of what you gave to the salvation
army on schedule A.

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"Friendly person" <ette...[at]myway.com> wrote:

- quote -

No one forced you to give the stuff away. You could have
rented a storage room and saved it. The only deduction you
can take is a charitable contribution on Schedule A for the
fair market value of the stuff you gave to the Salvation
Army. If the value was over $500, you will also have to file
a special form itemizing your donations. If any one item was
worth more than $5,000, you would need an appraisal in order
to deduct it.

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I have a small business. I have an office in my apartment,
my only office. In order to set this office up, I had to
give away stuff, property and make space for the office.

I had no time to sell property, so I gave it to the
Salvation Army (and got receipts). Can I deduct the loss? If
I would have not opened the business, I would not given the
property away.

Please advice.

Kindly Ette

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >