Booger Posted March 17, 2009 Report Share Posted March 17, 2009 Taxpayer contributed auto on 12/31/07, but Goodwill didn't sell the vehicle until 01/15/08. Is this a 2007 charitable contribution, or a 2008 one?? I believe that it is a 2007 deduction, since taxpayer donated the vehicle on 12/31/07. However, the FMV of the auto wasn't established until 2008. Any help would be appreciated. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 17, 2009 Report Share Posted March 17, 2009 2007 if he no longer owned it, Goodwill did. Quote Link to comment Share on other sites More sharing options...
Booger Posted March 17, 2009 Author Report Share Posted March 17, 2009 When you donate a vehicle, does title transfer on the date donated, or when the vehicle gets sold by Goodwill? Quote Link to comment Share on other sites More sharing options...
Booger Posted March 17, 2009 Author Report Share Posted March 17, 2009 Lion, I believe that in the scenario that I described above it is a 2008 deduction, since the value of the auto wasn't established until sold by Goodwill. Anybody else want to add their opinion? Quote Link to comment Share on other sites More sharing options...
zeke Posted March 17, 2009 Report Share Posted March 17, 2009 Booger - With your reasoning, assume an IRS audit in 2010. The IRS determines the value to be less than TP originally claimed in 2008. Do we now have a contribution with a NEW "Fair Market Value" in 2010, reducing the 2008 cliam to -0-???? The gift was in 2007. The deduction is 2007. z Quote Link to comment Share on other sites More sharing options...
Booger Posted March 17, 2009 Author Report Share Posted March 17, 2009 OK, zeke, 2007 deduction. Will use the 2008 sales price as FMV. Sorry for making a simple issue complicated. Quote Link to comment Share on other sites More sharing options...
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