tax question: donating a timeshare that I paid $1 for

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tax question: donating a timeshare that I paid $1 for (by Tom D.):

I was fortunate enough to donate my timeshare to Donate for a Cause in 2012. My tax guy is now telling us that we can not claim the tax deduction on the value of the timeshare because we originally paid $1 for it.

Does anyone know how this works or can point me to documentation?

Thx - Tom