Emma purchased investment land in 2012 for $46,000.At the end of 2018, 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 2019.The fair market value of the land at the end of 2018 was $55,000 and in February 2019 was $56,000.Emma's adjusted gross income was $100,000 for 2018 and $110,000 for 2019.Emma expects her AGI to decrease to $10,000 in 2020 because most of her future retirement income will be from tax-exempt sources.What is the maximum amount Emma can deduct for 2019 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 2018, 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 2019.The fair market value of the land at the end of 2018 was $55,000 and in February 2019 was $56,000.Emma's adjusted gross income was $100,000 for 2018 and $110,000 for 2019.Emma expects her AGI to decrease to $10,000 in 2020 because most of her future retirement income will be from tax-exempt sources.What is the maximum amount Emma can deduct for 2019 if this is her only itemized deduction?

Emma Purchased Investment Land in 2012 for $46,000