Charitable Contributions of Appreciated Property


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What is the fair market value of donated property?

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1. Bob bought a share of stock for $100 and donated it to charity three years later on March 1. The share was priced at $150 the day he gave it to the charity. On December 31st it was worth $175. What amount can he deduct on his taxes?

2. Steve bought a share of stock for $100 and donated it to charity two months later. On the date of the donation the share was worth $150. How much money can Steve deduct on his taxes?

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About This Quiz & Worksheet

What is the allowable tax deduction on property that you have owned for under a year? This helpful quiz and worksheet will test your ability to answer this question and other questions related to donating appreciated property.

Quiz & Worksheet Goals

Your knowledge of the following will be tested during this quiz:

  • Fair market value of donated property
  • Tax deduction on property owned for three years
  • Allowable tax deduction on property owned for less than one year
  • Facts about capital gain property
  • Rules about donating ordinary income property

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about donating appreciated property
  • Interpreting information - verify that you can read information about ordinary income property and interpret it correctly
  • Information recall - access the knowledge you've gained regarding the fair market value of donated property

Additional Learning

Be sure to check out the related lesson titled Charitable Contributions of Appreciated Property. You'll learn more about this topic, including:

  • What ordinary income property includes
  • Definition of 'fair market value'
  • What capital gain property covers