Offering vacation home use to charity
Q. I’m donating use of my vacation home for a church raffle. Can I deduct the value? M.T., Albuquerque, N.M.
A. No. Generally, you can’t claim a charitable deduction for a donation of less than your entire interest in the property. And the IRS says that a gift of the right to use your property isn’t a gift of your entire interest. Despite your generosity, the donation is nondeductible. Plus, if you rent out the vacation home when you’re not using it, this one-week period will count as personal use. This might reduce your rental property deductions.
Tip: If a vacation home stay is auctioned off to the highest bidder, the winner’s deduction is limited to the excess above fair market value.
Key points on deducting start-up costs
Q. I’ve started an online business. Can I currently deduct any part of my start-up costs? J.J., Armonk, N.Y.
A. Maybe. For starters, you can currently deduct up to ...(register to read more)
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