Karen Lee Posted August 25, 2009 Report 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
Karen Lee Posted August 27, 2009 Author Report Posted August 27, 2009 question 1: Yes question 2: No Quote
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