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Booking Charitable Donation of Real Estate

Horsefly

I have a property booked in Quicken Classic (Home and Business built 27.1.69.26) which I am donating to a local school district. The value of the property is less than the historical cost as booked in Quicken so I know I need to enter some soret of write down followed by a chaiitable donation at market value but am at a loss on how to enter this in Quicken. Advice will be appreciated.

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NotACPA

The markdown amount is, customarily, recorded as a transfer back into the same account with the appropriate amount in the Decrease column.

Then record a "expense" in the account with a Charitable Donation category (that you've created).

But I'd also suggest that you check with a Tax professional as to any tax impact of donating "in-kind" at below cost.

Horsefly

thanks - that worked. Will talk to my tax accountant