Douglas plans to retire to a small condo in virgin islands

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Question

One of your long-time tax clients, Douglas, calls you looking for advice. His wife of 40 years recently passed away, and Douglas plans to retire to a small condo in the Virgin Islands. Douglas and his wife owned a successful business and owned a 5,700 square foot home. Douglas plans to sell the home and give a few special items to his three children. However, he wishes to donate everything else remaining in the home to charity, including clothing, furniture, appliances, artwork, and household items. Many of these items represent the accumulation of a 40 year marriage and raising three children; he has no idea when he acquired the items or how much he paid for them.

Reference no: EM133653715

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