Your client, a carpenter, donated one of his handcrafted wooden desks to his church, a qualified public
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Question:
Your client, a carpenter, donated one of his handcrafted wooden desks to his church, a qualified public charity.
The church sold the desk at an auction for $3,500, which is comparable to the standard price for the client's other woodwork. He calculated his costs as follows:
Wood | $1,000 |
Other materials | $300 |
Rent for workshop | $500 |
Time and services | $1,700 |
Required:
1) This is his only charitable contribution. He itemizes deductions and has an adjusted gross income of $80,000?
2) What is the maximum current year income tax deduction allowable for the client's charitable contribution?
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