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.
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
Sounds like you made a nice donation.
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
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
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.
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"
....as I understand gloats....
On Tue, 27 Apr 2004 21:30:46 -0400, "larry in cinci"
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