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Re: [IP] My pump for donation

> Actually, in a way, you did pay for it with your monthly premiums. 
> If my house burns down, and my insurance replaces it, then I sell
> it, the profit is mine, isn't it??
> Lisa Mattox
> ----- Original Message -----
> From: "jhughey" <email @ redacted>
> Since my insurance company paid for my pump, how is it then that I
> could receive a financial benefit (i.e. tax deduction) for something
> I didn't pay for outright in the first place? Just curious about the
> legality of it all.

You have paid for it in full via your premiums. The pump is your 
property and you are entitled to a deduction for the current value. A 
better example would be a piece or art.... say purchased for $100. 
The painter becomes famous, dies and all of a sudden the painting is 
worth $1000. You would be entitled to the full value as a deduction 
if you gave it to charity. The same is true for your pump. You came 
into possession via your insurance through the payment of premiums. 
What dollar value you attribute to the pump through those payment is 
not the issue, only the value of the pump today. This issue is what 
is behind many donations to charity by the wealthy and their estates. 
Their choice is to give it to the government or a charitable cause. 
One way or the other it's gone. If given to charity, many feel it 
does a greater good.

email @ redacted
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