If you itemize deductions on your annual U.S. income tax return, you can claim a deduction for charitable contributions. When you donate property, you will need to assign a value in order to determine how much you can deduct. There are certain tax rules and guidelines to follow in determining that value. Fair Market Value ...
Do you you donate clothing and other items to nonprofit organizations such as The Salvation Army, Goodwill International, United Cerebral Palsy, and the Vietnam Veterans of America, just to name a few? If you do, then you know are not only cleaning out closets and freeing up valuable space in your home or garage… you’re ...
The Background The transfer of American production and manufacturing operations to emerging markets in Asia and South America has changed the face of corporate real estate disposition. This shift is responsible for an abundant supply of commercial properties in the North American market. As a result, the quantity of vacant and underutilized commercial buildings is ...
You may have a property that you decide to rent out at less than fair market value, perhaps to help out a family member or friend. How you report the rental income and expenses for tax purposes depends on whether the property is considered a secondary home or a rental property, and whether you rent ...