J.K. Lasser Daily Tax Tips

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Tangible Personal Property

When you donate appreciated collectibles and artwork held long term, you get a full deduction for the fair market value of the property if the items are used in connection with the charity's main activity or tax-exempt purpose. However, a deduction for fair market value is not available for certain contributions of taxidermy property. If the charity sells your property, your deduction is limited to your basis in the property (what you paid for it, rather than its appreciated value). Protect a deduction for fair market value by obtaining a letter from the charity stating that it intends to use your gift in connection with its tax-exempt purposes.

• 11/20/2009 - Reimbursed Cosmetic Surgery

• 11/19/2009 - COBRA Premium Reduction for Laid-Off Workers

• 11/18/2009 - COBRA Required Despite Other Coverage

• 11/17/2009 - Electing Immediate Tax on Restricted Stock

• 11/16/2009 - Tax Due on Option Exercise

• 11/15/2009 - Possible AMT Liability for ISO

• 11/14/2009 - Terrorist Attacks

• 11/13/2009 - Refund After Retroactive Military Disability Determination

• 11/12/2009 - Job-Related Injury or Illness

• 11/11/2009 - Is Sick Leave Tax-Free Workers Compensation?

• 11/10/2009 - Primary Purpose Determination

• 11/9/2009 - Charitable Split-Dollar Insurance

• 11/8/2009 - Repayments Exceeding $3,000

• 11/7/2009 - Penalty and Interest on Nonqualified Deferred Compensation

• 11/6/2009 - Law Violation Not Deductible

• 11/5/2009 - Earned Commissions Credited to Your Account

• 11/4/2009 - Tax on Assigned Contingent Fee

• 11/3/2009 - Tips Must Be Reported

• 11/2/2009 - Severance Pay Taxable

• 11/1/2009 - Recipients Taxed on Certain Gifts and Bequests From Expatriates

• 10/31/2009 - Departure Permit

• 10/30/2009 - Is 2009 Your First Year of Residency?

• 10/29/2009 - IRD Not Included on Decedent Final Return

• 10/28/2009 - Promptly Closing the Estate

• 10/27/2009 - Kiddie Tax May Apply to Investment Income

• 10/26/2009 - Special Separate Household Rule for Parent

• 10/25/2009 - Advantages of Head of Household Status

• 10/24/2009 - Possible Estate Insolvency

• 10/23/2009 - Reporting Income of Deceased Spouse

• 10/22/2009 - Unpaid Tax on Correct Return

• 10/21/2009 - Actual Knowledge Bars Relief

• 10/20/2009 - Deadline for Innocent Spouse Election

• 10/19/2009 - IRS Must Notify Non-Electing Spouse

• 10/18/2009 - Knowledge May Bar Innocent Spouse Relief

• 10/17/2009 - Income Splitting Barred to California Registered Domestic Partner

• 10/16/2009 - Nonresident Alien Becomes Resident

• 10/15/2009 - Election To File a Joint Return

• 10/14/2009 - Spouse in Combat Zone

• 10/13/2009 - Switching From Separate to Joint Return

• 10/12/2009 - Charity Reports Transfer Within Three Years

• 10/11/2009 - Split-Dollar Insurance Arrangements

• 10/10/2009 - Donating Vacation Home Use Not Advisable

• 10/9/2009 - Recapture of Deductions for Certain Fractional Interests

• 10/8/2009 - Appraisal Required

• 10/7/2009 - Donations of Personal Creative Works

• 10/6/2009 - Recapture of Deduction for Property Sold Within Three Years

• 10/5/2009 - Tangible Personal Property

• 10/4/2009 - Appraisal Fees

• 10/3/2009 - Long-Term Holding Period

• 10/2/2009 - Foster Parent Expenses