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Live Auction Packages - Factors You Need To Consider
Donors who purchase live auction packages at a charity public sale may claim a charitable participation deduction for the excess of the purchase price covered for an item over its fair market cost. 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 instance, a charity may publish a catalogue, given to every person who attends an auction, providing a good faith estimation of goods that will be open for bidding. Assuming the donor has no reason to doubt the accuracy of the published estimate, if the person pays more than the published worth of live auction packages, the difference between the amount paid and the said value may form a charitable contribution deduction.
Furthermore, donors who offer goods for charities to sell at an auction often ask the charity if the donor is entitled to claim a fair market value charitable deduction for a participation of appreciated property to the charity that will later be purchased. Under these conditions, the law restricts a donor's charitable deduction to the donor's tax basis in the donated property and does not allow the donor to claim a fair market value charitable deduction for the contribution. Specifically, the Treasury Regulations under section 170 provide that when a donor contributes tangible personal property to a charity that is place to an unrelated use, the donor's contribution is restricted to the donor's tax basis in the contributed property. The word unrelated use implies a use that is not connected to the charity's exempt purposes or function, or, in the case of a governmental unit, a use of the contributed property for other than exclusively public uses. The sale of live auction packages is considered unrelated, even if the transaction raises funds for the charity to use in its programs.
Listed here are some good examples of Live Auction Packages:
Red Sox Nation Donated by: Brian and Mary Jane Peoples, Jurys Boston Hotel, Karen Webb (Pinch Hit Marketing) and the Litchfield Family. What's better than going to one Red Sox game - how about going to 2? This package includes 4 tickets to the Red Sox against Cleveland Indians game on July 31st and 4 tickets for a date to be determined. On top of that, you won't have to battle the crowds on the Pike after the game. Simply hop over to your home for the evening - Jurys Boston Hotel. Enjoy waking to a leisurely breakfast the morning after the game. Famous for their Irish hospitality and cordial service your stay at Jurys will leave you cheerful even if the Red Sox do not! To round out your Red Sox Nation experience, this package includes an autographed photo of Curt Schilling with "the bloody sock". (value:$1000)
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