Solved: We purchased an item at a YMCA Charity Auction. Can those funds be claimed as donations/tax deductible?
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We purchased an item at a YMCA Charity Auction. Can those funds be claimed as donations/tax deductible?

 
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New Member

We purchased an item at a YMCA Charity Auction. Can those funds be claimed as donations/tax deductible?

Yes, you may be able to deduct a portion of the amount as a charitable contribution. 

Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value.  The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid. 

See the screenshot below for the complete IRS article. 

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New Member

We purchased an item at a YMCA Charity Auction. Can those funds be claimed as donations/tax deductible?

Yes, you may be able to deduct a portion of the amount as a charitable contribution. 

Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value.  The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid. 

See the screenshot below for the complete IRS article. 

View solution in original post

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