This past weekend the local PBS station here in Cinci had thier annual beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for $475 tax included. Now I need to know if any of the subject adjectives fit me. I also still need to unpack the sucker from the box and it's already Tuesday night. Thanks. Larry
What's the model # of that one? Today I received the newest issue of Handy. They tested 7-12" miter saws... the Dewalt dw705s included. Street price $299. Sounds like you made a nice donation. Have fun! Joe
Don't know. Does anyone know if this purchase price can be written off of next years taxes since it is PBS. Is that considered a donation?
Frank
I'm not a tax attorney or an accountant, but I would expect that anything above fair market value would be deductible. Sadly, logic doesn't always prevail in these cases.
todd
If it is the slider, it is a gloat. If it is the 705, I got mine for $290 and it included a free ROS with a value of $60. Ed
It depends on which model. Here's what "Toolseeker" lists:
DeWalt DW705 12" 15 Amp Compound Miter Saw - $270 DeWalt DW706 12" 15 Amp Dual Bevel Compound Miter Saw - $324 DeWalt DW708 12" 15 Amp Sliding Compound Miter Saw - $569 DeWalt DW712 12" 15 Amp Sliding Compound Miter Saw - $399
-- Jack Novak Buffalo, NY - USA (Remove "SPAM" from email address to reply)
The value of a 'donation' to a charitable organization is the amount given,
*less* the 'value' of anything that they give you. Yes, you _can_ deduct the difference on your taxes.I dunno about that- slide model?
I just bought a Bosch 3912 at a silent auction/ fund raiser, for my kids school. I thought $185 sounded great, until I got home and looked it up. I got a deal, sure, but not a super duper "you suck" gloat.
....as I understand gloats....
-Dan V.
I was afraid that sounded too much like common sense to be actually legal.
todd
Many charities now provide the value of the goods and services received right on the receipt.
For instance, I support local public radio. I was sent a thank you gift of a "Car Talk" t-shirt and mug. The donation receipt clearly stated the amount of my donation and a $23 value of the shirt and travel mug.
Barry
There are many ways to acceptably document "fair market value" of these types of things (as well as the FMV of things won in raffles or contests - which are taxable). If it is a widely available item then research the lowest price you can find - the internet is great for this. If it is used, ebay "completed auctions" may be a good source - maybe even for some new stuff. You clearly do not have to accept "Manufacturers Suggested Retail Price" (MSRP) which is what you will normally get from the Charity or the entity running the raffle or contest. That is almost always a wildly inflated value that minimizes the value of your deduction. To maximize your deduction, you want to find and document the lowest real life price possible. In the case of things won in raffles or contests, you can advertise the thing for sale and claim as income the actual price you sell it for. It has been held reasonable to not sell the item and claim the highest offer made as the Fair Market Value for tax purposes - this is a case by case call, however.
Dave Hall My CYA statement: I am a CPA, but I am not YOUR CPA. I'm also not your tax advisor, although I play one on the internet. When in doubt always check with your attorney, accountant or other professional tax advisor.
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