Our school had an auction and we won a couple of items. The auction was through GalaBid. Given that neither had an actual cost or food, how do I determine fair market value for purposes of deducting on my taxes?
1. A nerf battle with a specific teacher – $120. Kids got to bring a friend, but only the auction winners and their friends participated. A bunch of different teachers were included in the auction, so a bunch of kids got to go to this same experience together.
2. Front row seats for a school program – $105. Tickets for all other attendees were free. These gave us reserved seats so we didn't have to stand in line.
