I bought a ticket to a charity event for $4,000, ded. portion is $3,500. I then donated ticket to another charity for their use. is my total dedauction 7,500?
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I bought a ticket to a charity event for $4,000, ded. portion is $3,500. I then donated ticket to another charity for their use. is my total dedauction 7,500?
I bought a ticket to a charity event for $4,000, ded. portion is $3,500. I then donated ticket to another charity for their use. is my total dedauction 7,500?
No, your maximum donation value can never be more than your basis (what you paid) so $4000.
If you report it as a $3500 donation to charity A, then only the remaining value of $500 is a donation to charity B. You can't get a double deduction.
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