Learn about determining the fair market value and proper documentation for noncash charitable contributions, including household goods and clothing, to maximize your tax deductions and comply with IRS regulations.
charity
Tax Deductions Related to Charity Auctions
It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The questions often arise whether (1) the money spent on the items purchased constitutes a charitable donation and (2) what kind of charitable deduction the individual who contributed the item is entitled to. The answer to the […]