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FJR Motorcycle Forums
FJR Specific Discussion
What to do with a high mileage 2003 FJR ?
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<blockquote data-quote="David Morrow" data-source="post: 1403994" data-attributes="member: 413"><p>I'm from Canada but I expect the same or similar rules to ours apply in the States. That is, the tax receipt would be provided based on the fair market value of the property donated. In my case, the old FJR is worth about $2,000. It will be up the the Barber Museum to provide a value and the receipt. A donation in kind ( ie, a non-cash donation) can be an issue as the value can be very subjective. The donor wants a high value but the recipient / receipt issuer, has to be careful because if they sign off on too high of a value, their tax authorities can, and often will, creates major problems for them. There have been no end of tax scam relating to donated property. And, if I recall my old tax training, a Canadian may claim a receipt to a U.S. charity but it can only be applied against U.S. income.</p><p></p><p>David Morrow, CPA, CGA</p></blockquote><p></p>
[QUOTE="David Morrow, post: 1403994, member: 413"] I'm from Canada but I expect the same or similar rules to ours apply in the States. That is, the tax receipt would be provided based on the fair market value of the property donated. In my case, the old FJR is worth about $2,000. It will be up the the Barber Museum to provide a value and the receipt. A donation in kind ( ie, a non-cash donation) can be an issue as the value can be very subjective. The donor wants a high value but the recipient / receipt issuer, has to be careful because if they sign off on too high of a value, their tax authorities can, and often will, creates major problems for them. There have been no end of tax scam relating to donated property. And, if I recall my old tax training, a Canadian may claim a receipt to a U.S. charity but it can only be applied against U.S. income. David Morrow, CPA, CGA [/QUOTE]
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FJR Motorcycle Forums
FJR Specific Discussion
What to do with a high mileage 2003 FJR ?
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