Contributions – Art Appreciation Appreciate Your Art Appreciation If you donate art purchased years ago that has appreciated significantly, get the highest deduction available. Here’s what we mean: There are a number of requirements to write off the full market value of the art you contribute to charity. Let’s say you bought a painting for […]
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Non-Itemizer May Not Deduct Gambling Losses
Non-Itemizer May Not Deduct Gambling Losses Roger Torpie Jr. won $858 in a lottery that he reported on his 1996 income tax return. Torpie also deducted the $858 in determining his adjusted gross income although he did not itemize. The IRS disallowed Torpie’s $858 deduction. The Tax Court agreed with IRS and held that the […]
Donating A Car To Charity
Donating A Car To Charity Donating a used vehicle to charity is a terrific way to get a big write-off on your tax return. But before you hand over the keys, make sure the deal is handled properly. The IRS has begun to scrutinize these contributions closely. The IRS is aware of advertisements that promise […]