I have a question regarding the value of a giveaway for promotional purposes.
If the item is purchased NEW then demonstrated before the giveaway, it becomes used.
(in this case it is cordless power tools)
what value would one place on the used item for deduction? would it still be the full cost value to deduct?
(the giveaway recipients do know this is the case, that the tool they win will be tested and videotaped before the item is sent)
and
on the otherside, does the “winner” need to declare the value of the item they won on their taxes?
