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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?


To: Senor VS who wrote (675)1/31/1999 1:55:00 AM
From: Colin Cody  Read Replies (1) | Respond to of 1383
 
Ravi, sure, given various limitations you get a tax write off...

It was PERSONAL, never depreciated or written off by you or a related party before?

It was given to a charitable organization as a gift, or to your employee as tax able compensation.

You can substantiate the fair market value at the time of the gift.

Generally, you can then deduct the value on your Sch A, subject to the limitations of itemized deductions.

Colin