QUESTION DETAIL
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I have a vacation home in Mexico that is totally paid off and I don't receive any rental income (we don't rent it out). But, I do have friends and family that are involved with various charities and fundraiser events that ask me to offer my house for a week as an auction item to raise money for their church, school, or whatever. Homes in our Mexico neighborhood, on average, rent out at $2,800 a week and I've donated our home to 7 different charities in 2012 thus far. Just this week I've got hit up twice more for our home as a donation item. So, I just want to make sure these charitable donations of our vacation home can be written off on our 2012 taxes, and if so, do we deduct the value of a weekly rental (i.e. $2,800) or the amount that it actually raised at each particular auction (sometimes it's more than $2,800, sometimes it's less). Although we don't have a mortgage, we have to pay cleaners each time people stay, we have HOA fees, maintenance and repairs.
ANSWER
The BIDaWIZ Team's Answer:
Unfortunately, you cannot deduct the fair market value of donating vacations of your home. Per IRS publication 526, you cannot deduct a charitable contribution of less than your entire interest in the property as it is deemed a partial interest. You would only be able to deduct the contribution, if you actually donated the entire property to an organization indefinitely.