One Thing To Think About When Putting On A Charity Auction Is Live Auction Packages

Donors who buy live auction packages at a charity auction sale may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market worth. The donor should be able to show, however, that he or she understood that the value of the item was less than the amount paid. For instance, a charity may print a catalogue, given to each person who attends an auction, providing a good faith estimate of things that will be presented for bidding. Assuming the donor has no reason to question the accuracy of the published estimate, if the person pays greater than the published price of live auction packages, the difference between the amount paid and the published value may constitute a charitable contribution deduction.

Additionally, donors who supply goods for charities to sell at an auction usually ask the charity if the donor is entitled to claim a fair market value charitable deduction for an involvement of appreciated property to the charity which will later be bought. Under these circumstances, the law limits a donor's charitable deduction to the donor's tax basis in the contributed property and does not enable the donor to claim a fair market value charitable deduction for the contribution. Particularly, the Treasury Regulations under section 170 provide that when a donor contributes tangible private property to a charity that is set to an unrelated use, the donor's contribution is limited to the donor's tax basis in the contributed property. The term unrelated use signifies a use that is not related to the charity's exempt purposes or function, or, in the case of a governmental unit, a use of the donated property for other than exclusively public uses. The sale of live auction packages is regarded as unrelated, even if the transaction raises money for the charity to use in its programs.

Here are some excellent examples of Live Auction Packages:

Red Sox Nation Contributed by: Brian and Mary Jane Peoples, Jurys Boston Hotel, Karen Webb (Pinch Hit Marketing) and also Litchfield Family. What's better than going to one Red Sox game - how about going to 2? This package consists of 4 tickets to the Red Sox vs Cleveland Indians game on July 31st and four tickets for a date to be determined. Even better, you won't need to battle the crowds on the Pike after the game. Just hop over to your home for the evening - Jurys Boston Hotel. Enjoy waking to a comforting breakfast the morning after the game. Popular for their Irish hospitality and friendly service your stay at Jurys will leave you smiling even if the Red Sox don't! To round out your Red Sox Nation experience, this deal includes an autographed picture of Curt Schilling with "the bloody sock". (value:$1000)

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