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byrdlaurey1
New Member

Can I deduct the cost of a silent auction item purchased from a charity?

 
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levisncap89
New Member

Can I deduct the cost of a silent auction item purchased from a charity?

You can deduct the excess, if any, between the FMV of the item and the amount you paid as a charitable donation, assuming you paid more than FMV for the item. You must, however, be able to show that you knew the item was worth less than what you were paying when you purchased it.

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levisncap89
New Member

Can I deduct the cost of a silent auction item purchased from a charity?

You can deduct the excess, if any, between the FMV of the item and the amount you paid as a charitable donation, assuming you paid more than FMV for the item. You must, however, be able to show that you knew the item was worth less than what you were paying when you purchased it.

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