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

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Quizplus · Accepted Answer

This is true according to IRS guidelines. However, there are some limitations and requirements for the deduction, such as the taxpayer must have owned the property for at least one year and the organization must be qualified under IRS rules. Additionally, there may be some limitations on the amount of the deduction based on the taxpayer's adjusted gross income.

In General, Taxpayers Are Allowed to Deduct the Fair Market