In general, taxpayers are allowed to deduct the fair market value of long-term capital gain property on the date of the donation to a qualified charitable organization.

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This is true according to the IRS rules for charitable contributions of capital gain property. However, there are certain limitations and rules that apply, such as the deduction being limited to a certain percentage of your adjusted gross income and the property being held for more than one year.

In General, Taxpayers Are Allowed to Deduct the Fair Market