Emma purchased investment land in 2012 for $46,000. At the end of 2017, she was approached by the local Girl Scout organization in which she had been an active troop leader, about donating the land for a summer camp site. Emma agreed and deeded the land to the Girl Scouts for their camp in February 2018. The fair market value of the land at the end of 2017 was $55,000 and in February 2018 was $56,000. Emma's adjusted gross income was $100,000 for 2017 and $110,000 for 2018. Emma expects her AGI to decrease to $10,000 in 2019 because most of her future retirement income will be from tax-exempt sources. What is the maximum amount Emma can deduct for 2018 if this is her only itemized deduction?

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The Answer of Emma purchased investment land in 2012 for $46,000. At the end of 2017, she was approached by the local Girl Scout organization in which she had been an active troop leader, about donating the land for a summer camp site. Emma agreed and deeded the land to the Girl Scouts for their camp in February 2018. The fair market value of the land at the end of 2017 was $55,000 and in February 2018 was $56,000. Emma's adjusted gross income was $100,000 for 2017 and $110,000 for 2018. Emma expects her AGI to decrease to $10,000 in 2019 because most of her future retirement income will be from tax-exempt sources. What is the maximum amount Emma can deduct for 2018 if this is her only itemized deduction?

Emma Purchased Investment Land in 2012 for $46,000