Hello, I have a client who donated a vehicle to Teen Challenge. The receipt says “Gift in Kind the vehicle” with a value of $2. Where on the donation worksheet do I report this asset. I thought there was another Donation form for assets.
The donation receipt is entered just like it was cash donation.
The disposition of the vehicle should be reported on Schedule 3. Normally, the proceeds of disposition would be $2 and the ACB is whatever the original cost of the vehicle to the taxpayer. Assuming the vehicle was personal-use property, both the proceeds and the cost are deemed to be $1,000 if they are less than that amount AND any capital loss that results on the disposition is denied.
@iain.fyffeThank you!