I need some help. (Yeah, I know; that's not what I mean).
My facts involve small amounts but the principles are what I'm trying to figure out, so please pretend the amounts are large enough to bother with. Also, assume:
Taxpayer itemizes every year.
Items contributed are healthy, edible, and have expiration dates of 6 months or so beyond the date of gift.
Donee is a food bank for helping needy people, and is a 501(c)(3) public charity.
Taxpayer has a cupboard with 20 identical cans of tuna fish. He bought 10 of them on a big sale over a year ago at $1.00 per can. Taxpayer just bought the other 10 cans, and what with inflation, supply chain shortages and the like, he paid $3.00 per can. When he put them in the cupboard, he realized that he did not need so many cans of tuna. So the very next day, he grabbed the 10 older cans and dropped them off at the food bank, which gratefully gave him a receipt.
How much is his contribution deduction, and how do you determine it?