Enrolled Agent Exam [Part 1] 36, Charitable Contributions - Property

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Deduct the Fair Market Value (FMV) for long-term capital gain property, but this deduction is limited to 30% of your Adjusted Gross Income (AGI). • For ordinary income property, such as business inventory or short-term capital assets, the deduction is capped at the lesser of the property's cost basis or its FMV. • Vehicle donation deductions are generally restricted to the gross proceeds the charity receives from its sale, an amount reported to the donor on Form 1098-C. • A qualified appraisal is mandatory for any noncash contribution of an item or a group of similar items valued at more than $5,000. • You must file Form 8283, Noncash Charitable Contributions, if your total deduction for all noncash gifts in a year exceeds $500. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep