Question
During the year, jon made charitable contributions to a qualifying public charitable organization. The fair market value (FMV) and cost of the contributions were: FMV
During the year, jon made charitable contributions to a qualifying public charitable organization. The fair market value (FMV) and cost of the contributions were:
FMV | Cost | |
Securities held as an investment for 6 years | $25,000 | $10,000 |
Tickets to charity dinner | 100 | 1,000 |
Used household items | 200 | 500 |
Rent-free use of home | 300 | 0 |
The securities were sold by the charitable organization and used to fund improvements to the organization's meeting rooms. The tickets were for a dinner benefitting the organization. The household goods were given by the organization to low-income families as part of its qualified community outreach program. Assuming that Brad itemizes his deductions and has sufficient AGI to avoid both the 30 or 60 percent charitable limitations, what amount of his charitable contributions is deductible?
$26,100
$11,100
$26,500
$16,100
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