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



> 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?)
> 

No. If you own it, you are entitled to a deduction based on the  
current value. It does not really matter how you got it. In the case of 
insurance, you ARE paying for it by virtue of paying the insurance 
premium either yourself or with your labor through your employer.

As an example. If you purchased or were given STOCK worth $10 at the 
time of acquisition, and after a few years the stock was worth $500 and 
you donated it to a charitable organization, you could take a deduction 
for the full $500 of current value. This particular facet of tax law 
encourages people with unrealized gains on property to contribute that 
property to charity without having to pay the tax on the stepped up 
basis.


heh... heh... 
<cheap plug IP>
so if you have something worth a bundle that you didn't pay much for 
that you'd like to donate, just remember Insuln Pumpers when the time 
comes.
</cheap plug for IP>

Michael
.
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