6 Nov
2003
6 Nov
'03
9:10 a.m.
>> Something else to consider: If you donate
something
> to a valid non-profit (501C3?), then the amount that you can deduct is
> what you paid for it; EXCEPT,... if you had had it for over a year
> before making the donation, then you can deduct the "fair market
> value". I paid the usual $10 for a Centronics 101 printer. A few
> years later, I donated it to City College of San Francisco. (They
> NEEDED a printer for their TRS-80s that could withstand heavy use and
> abuse) The IRS was perfectly content with my taking a $1000 tax
> deduction, although, if I were to have made the donation within the
> first year after I bought it, they would only have permitted the $10.
On Thu, 6 Nov 2003, steve wrote:
How did you figure $1000 as the "fair market
value"
for a Centronics 101?
While I would certainly never pay that kind of money, . . .
(and I had tried unsuccessfully to sell it for $100 at John Craig's
"Computer Swap America"), I got advice on how to proceed from the IRS.
At that time, (1983?) there were ads in PROCESSOR, etc. in that price
range. I clipped a few of those ads, and got signed written statements
from the manager of the lab, and the head of purchasing
for the college
(who had a title, not necessarily a clue)