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using coupons to get free stuff and then donating them to charity
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rlz
Jun 19, 2012, 4:41:59 PM6/19/12
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I have a hypethetical question. If an extreme couponer is able to
collect enough coupons to go to a store and buy $1000 of items for
free, and then donates them to a charity, can they then deduct $1000
for charitable contributions on her tax return?
It seems that on one hand, she could because the items have value, but
on the other hand, there were no cost, unless you count the coupons as
income.
collect enough coupons to go to a store and buy $1000 of items for
free, and then donates them to a charity, can they then deduct $1000
for charitable contributions on her tax return?
It seems that on one hand, she could because the items have value, but
on the other hand, there were no cost, unless you count the coupons as
income.
Arthur Kamlet
Jun 19, 2012, 5:01:19 PM6/19/12
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In article <c3d9b188-d51b-4d3c...@t1g2000pbl.googlegroups.com>,
The rule here is deduction for gifts of property held not more than
one year is limited to the lower of a) fair market value, or b) cost basis.
In this example, cost basis is zero.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
one year is limited to the lower of a) fair market value, or b) cost basis.
In this example, cost basis is zero.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
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