Original Message:
This is NOT the place for tax advice (by KC):
robm196 wrote:Hello I have a condo that I am considering donating. I have contacted DFAC and actually had an appraisal done for $300 to verify the value of the property. I won't say how much, but let's say the property is valued at $10000. I am interested solely for the tax deduction. I am told that the property will be deeded in DFAC's name and I will be able to claim the $10000 for tax purposes. My question is what if the property resells for $5000? Will I still be able to claim the $10000 that was given to me on the appraisal. I know the IRS has changed rules for donating cars, where the actual sale price, not the appraised value is what can be claimed for tax purposes.
With all due respect, I personally think that you would be well advised to instead seek your answer from a qualified CPA or tax attorney.
Personally, I wouldn't follow ANY "tax advice" from ANY anonymous Internet poster(s) of unknown qualifications. After all, where will those "anonymous Internet tax experts" be if / when you later get audited by the IRS?