deduction for piano as a gift to charity or educational institution
Tax question. We have a Steinway grand piano appraised for $25,000 that we are interested in gifting to a charity, church or educational institution. We file taxes as married filing jointly. Our annual income is $121K and we typically just use the standard deduction. How much of the $25,000 can we deduct from our tax return for this year, and will this large deduction trigger an IRS audit? Is there a way of forstalling this? Thanks.
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