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charitable deduction

Jul 31

Do you have to print the value of an auction item?

The rules around listing fair market values Here's a common fundraising auction question: "Is it OK to put the fair market value of an auction item on the receipt, instead of listing it on the bid sheet, auction catalog or display?" Some people believe (mistakenly, in my mind) that guests will pay more for an item if they don't know the value of it. The IRS regulation explains that for a donation above the fair market value to be considered a gift, the winning bidder must be told the ... Read On >

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