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I have a wheelchair that I want to donate. It is worth $6,000. How do you calculate the tax benefit from the donation?


ANSWER


The BIDaWIZ Team's Answer:

you are allowed to deduct the fair market value [FMV] of the donated property. The tax savings = $6,000 * 

the taxpayer's highest marginal tax bracket. For example, if your highest marhinal tax bracket = 15%, the

tax savings = $900.

The BIDaWIZ Team

 

 

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