Maybe donation is not a scam.
Not sure if it would work for me. My situation is this is the first, and probably last year I fall into Alternative Minimum Tax. With so much money going to Uncle Sam next April, I'm looking for win-win options. the 2 year wait would probably kill it for me.
You are right, HOF is a good place to bounce ideas but talk to an expert before pulling the trigger.
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Thread: Boat Prices, spring 2008
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06-06-2008 03:26 PM #41Senior Member
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Re: Boat Prices, spring 2008
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06-06-2008 03:50 PM #42Registered Member
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Re: Boat Prices, spring 2008
As I understand it the two year wait only applies to the 501C3 organization, not you. When the IRS changed the rules they made it more difficult for organizations who don't use the boats they are donated to accept donations. So long as your dealing with an organization that uses the boat you should be fine.
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06-06-2008 05:55 PM #43Senior Member
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Re: Boat Prices, spring 2008
Yeah,you should be fine if you are claiming a deduction for fair value but you will be less than fine if the authorities smell a rat whether or not there is one.
Making a subjective valuation based upon independent appraisal that benefits the taxpayer rather than documented cash cost is risky.
When faced with situations that require subjective analysis, the bureaucratic default position is not to risk career potential with an interpretation of rules that may be challenged but to make the claimant's life a living hell with by the book enforcement of regulations that do not assume any of the career risk associated with a tax decision.
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06-06-2008 06:00 PM #44Senior Member
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