Karen Lee Posted August 25, 2009 Report Share Posted August 25, 2009 In 2007 TP donated a motorhome to qualified charity. Appraisal done and everything. Value of MH on appraisal $26,000.00 TP unable to take full contribution deduction in 2007, in fact very little. Today I received a phone call from the charity wanting to know information on how much deduction was taken because they now have a buyer for $6000.00 and want to take it but don't want to mess with having to reimburse TP for claiming more of a deduction than the $6000.00. Of course I told him I couldn't give him any information regarding TP. Charity person is telling me that the carryover period has been reduced to 2 years?!?!? I haven't heard of this change and 2007 and 2008 carryover period for individual TP is 5 years. Question: $26,000. donation can be reduced by selling price in forward year? Question: carryover period not 5 years any longer...changed? Thanks for your help Karen Quote Link to comment Share on other sites More sharing options...
Karen Lee Posted August 26, 2009 Author Report Share Posted August 26, 2009 Got it!! Thanks Quote Link to comment Share on other sites More sharing options...
Lion EA Posted August 26, 2009 Report Share Posted August 26, 2009 Do tell... Quote Link to comment Share on other sites More sharing options...
Karen Lee Posted August 27, 2009 Author Report Share Posted August 27, 2009 question 1: Yes question 2: No Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.