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Re: [IP] RE: donated pumps/supplies and taxes



At 07:11 AM 1/27/2005, you wrote:
 >At 8:30 AM -0600 1/27/05, michelle schlight wrote:
 >>you guys have been asking about donations/pumps and tax credits
 >>
 >>isn't it also true that you cannot claim that value if you  did not actually
 >>pay for the pump or other supplies (ie it was covered by a third party?)
 >>
 >>just curious
 >>
 >>Michelle
 >>not a tax expert, but DO pay taxes!!
 >
 >
 >
 >Do you mean you didn't pay any premiums???    ;>)
 >
 >What you directly paid for a pump, the deductible amount, is not the
 >basis for the deduction.
 >
 >George

 From what I recall (and that ain't much) any deductions are based on the 
declared fair-market value of the item, not what you paid for it.

Sam
.
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