On 11/10/2013 1:27 PM, Ignoramus2407 wrote:
....

It can be deducted, but only up to purchase cost.

Which is what I posted the supporting IRS rules for.

By "effectively negates" I intended (and thought the intent would be
clear) that it's the _value_to_you_as_a_deduction_ that is negated by
the fact that the deductible portion is only the basis you have in it so
that there's no point in it from a tax standpoint.

The scam that a lot of people run, is that they donate junk and
declare that they donated valuable things.
....

Yes, many do, unfortunately.

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