For all of the current year, Randy (a calendar year taxpayer) allowed the Salvation Army to use a building he owns rent-free. The building normally rents for $24,000 a year. Randy will be allowed a charitable contribution deduction this year of $24,000.

Question

Quizplus · Accepted Answer

The IRS does not allow a charitable contribution deduction for the use of property, only for the donation of property or cash.

For All of the Current Year, Randy (A Calendar Year