can i deduct a charitable donation for capital gain property that has been fully depreciated

TWW · ‎11-07-2022

client received a grant and purchased equipment. he then S179 that property. next year (over 1 year) he wants to donate that property with sizable FMV to a charitable organization. since his basis is 0 does he get any donation deduction?

Terry53029 · ‎11-07-2022

the tax rules limit the amount of your charitable deduction to the asset's FMV minus the amount of ordinary income that would result in this hypothetical sale.

sjrcpa · ‎11-07-2022

Also, does donating/disposing it violate the terms of the grant?

The more I know the more I don’t know.

can i deduct a charitable donation for capital gain property that has been fully depreciated

©1997-2025 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.