FundSvcs Community

 View Only

  • 1.  FMV

    Posted 03-21-2024 10:00 AM

    If you have a silent auction item that was advertised as priceless, how would you receipt them as I don't know what the FMV would be?

     

    Dina Sorrentino, bCRE-Pro image001.png@01D496D4.8F606780, bcRE-NXT image001.png@01D496D4.8F606780
    Sr. Director for Advancement Services and Research
    Office: 941-359-7593 | Cell: 941-266-1227
    dsorrent@ringling.edu | www.ringling.edu

    f_jqs6a2pd1
    Turning passion into profession

    This transmission may contain information that is privileged, confidential and/or exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. If you received this transmission in error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. Thank you.

     



  • 2.  RE: FMV

    Posted 03-21-2024 10:07 AM
    You can't issue a receipt for any deductible amount. The winning bid establishes the FMV unless you can prove that the buyer knew the FMV in advance.

    Here's a direct quote from the IRW website on charity auctions:

    Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value. The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid. For example, a charity may publish a catalog, given to each person who attends an auction, providing a good faith estimate of items that will be available for bidding. Assuming the donor has no reason to doubt the accuracy of the published estimate, if he or she pays more than the published value, the difference between the amount paid and the published value may constitute a charitable contribution deduction.

    John
    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


Related Content