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Updated about 6 years ago on . Most recent reply
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Charitable donations of real estate.
I purchased a gas station in 2018. Gas stations normally depreciate over 15 years. But I’m using special bonus depreciation to take immediate 100% depreciation for the full cost of the acquisition minus the land cost (tax cuts and jobs act). I now want to donate the fully depreciated asset to charity while keeping the passive loss from the depreciation.
Can I do that immediately? Do I have to wait a certain time period before donating? Do I have to first cancel all of the passive loss with passive income before donating?
Thank you for your time!