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Old 08-22-2012, 01:35 PM
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inheritance issue

My father recently passed away and left myself and two other children. Me and my brothers have decided to donate our inheritance(which was half of a home as well as parcel of land) to his widow(not our mother). The total value of property is 90000 so we each are donating around 30000 to the widow. Question is can we right that off on taxes as donation?

Don



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Old 08-22-2012, 07:29 PM
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“The total value of property is 90000 so we each are donating around 30000 to the widow. Question is can we right that off on taxes as donation?”----->In general, yes you can on SCh A of 1040 as long as you itemize deductions on your return; the donations you make must be to qualified organizations. You must have documentation of your contributions. Written acknowledgment from the charity detailing the amount and date of your contribution. Donations totaling more than $500 require you to fill out Form 8283 and attach it to your return. On this form you have to describe each item over $500 that you donated, identify the recipient, and provide information about the value of the item, including your cost or adjusted basis. Non-cash contributions are valued at “fair-market value.” This can often be determined by comparable sales.As you donated appreciated capital asset, your deductions are limited to 30% of AGI for most charitable organizations, however, 20% limit applies to all qualified organizations other than 50% limit organizations.



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