John Bullis
For the Nevada Appeal

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June 5, 2012
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John Bullis: Get a tax deduction without paying for it

It is possible to get an income tax deduction - without paying for it.

An example would be a charitable contribution of appreciated (increased in value) property.

Suppose you owned land that you purchased a few years ago for $10,000. If the value had increased to $30,000 now and you gave it to a church or IRS qualified charity, you get a deduction for $30,000.

You will need to document the value; probably with an appraisal, and the church or charity is to give you a letter of "thanks" that indicates the details of the gift. You get $30,000 of …

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The Nevada Appeal Updated Jun 5, 2012 02:39AM Published Jun 5, 2012 02:39AM Copyright 2012 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.