Pink Bat / Komen Foundation Tax Deduictible Receipts

[eGameUsed]

Hello! I am hoping someone that purchased a pink bat ffrom MLB Auctions can help.

Did anyone receive a tax deductible receipt for the portion that was deductible?

If not, has anyone else pursued finding the tax deductible amount for tax purposes?

Thanks in advance!

[XPFO]

I never received anything. Keep me posted. What about the Jackie Robinson jerseys that were going to the Jackie Robinson Foundation, would those be partial right-offs as well?

[suave1477]

Chris to the best of my knowledge the receipt itself that you received with the bat is your deductable receipt. When you go to your accountant bring him the receipt you have from the auction. The bat was for charity so the whole receipt should be deductable.

Either way is not a huge amount your gonna get back in taxes just to give you an idea for example if the bat was say about $500 you would only get back around $30 - $50.

[DGRROSEN]

Chris, I am not a tax accountant, but I do not believe that the entire amount of the bat would be deductible since you did receive "something of value" for your contribution. You may have to show that you paid a price above "fair market value" and only deduct the difference. You probably should discuss this with a tax accountant. David

[suave1477]

The Reality Is You Can Write The Whole Thing Off Trust Me The Irs Is Not Gonna Hunt You Down For $30

[RobSteinmetz]

Guys,

I'm not a tax advisor, but I've worked in the nonprofit sector for most of my adult life, and have known several people who have been called out by the IRS on large charity auction purchases. In this situation, I don't think any of your purchase would be deductible, as you made payment to MLB, not the Susan G. Komen Foundation. To be legally deductible, I'm fairly certain that your donation must be made to an entity with legally recognized nonprofit status (which MLB is not). I would highly recommend consulting a tax advisor on this if the purchase was significant. As Tony mentioned, you'll probably get away with deducting your entire purchase....however, I'm not sure I'd be comfortable rolling the dice. Hopefully there is an accountant or tax advisor on the forum who can also chime in...

Best,

[eGameUsed]

Thanks for the replies! I have always used the "designate a fair value and everything else is tax deductible" theory. That is how Cardinal's Care worked a few years ago when I bought items. They said a bat was worth $100. Same with the Sunshine Kids, they just noted every jerseys as $100 value.

Strange though, I received a call back from the Susan G. Komen foundation. They told me that none is a right off as I received something for my donation. I don't know if the woman knew what she was talking about though. She said that since a "portion" of the proceeds went to the Susan G. Komen foundaition (85% from what I recall), the entire amount was considered a non-deductible donation to acquire the item.

I know it won't make a big difference, but I acquire so much per year for my collection on a "charity" basis, it helps reduce my taxable income enough to make a difference, even if it is only a few hundred in savings per year.

Thanks,

[RobSteinmetz]

Here's some info that might come in handy since so many game used items seem to originate from charity auctions...

Valuation

Some items, such as those readily purchased at a retailer for fixed or suggested prices, are more easily valued than items such as art, memorabilia and meals with notable people. Both the donor and the charity must value the item.

The donor is responsible for valuing the item in order to substantiate his or her deduction, if any. The donor has the burden of proving to the IRS how he or she determined the fair market value of the donated item. If the donated item is worth more than $5,000, a written appraisal is required. Donors also are required to present a written acknowledgement or receipt from the charity for any non-cash contributions valued at more than $250. Sec. 170(f)(8); Reg. 1.170A-13(f).

In addition, the charity also has a responsibility to value the item, because it must provide this information to potential bidders, and more importantly, to the winning bidder for his or her deduction. Many charities include this information in their auction brochure or bidding list.

Taxation of Winning Bidders

Another common misconception is that any item won at a charity auction is fully deductible as a charitable contribution. If a bidder wins an item, he or she is allowed to deduct only the amount over the fair market value of the item. A contribution for which the donor receives something in return is called a quid pro quo contribution.

For example, Bidder places the winning bid on a dinner for two at a local restaurant. The fair market value of the dinner is $75. If Bidder pays $75 or less for the dinner, Bidder cannot deduct any of the bid payment as a charitable deduction.

Alternatively, Bidder wins and pays $125 for the same dinner. Bidder may deduct $50 of his or her payment as a charitable deduction because Bidder paid $125 for a dinner with a value of $75. The difference, $50, is the value of Bidder's gift to charity.

Charity Documentation

As mentioned above, the charity must provide documentation to the donor and to the winning bidder. The charity should provide the donor with a gift receipt that states the date and location of the charitable contribution, describes the donated item and states whether or not the donor received any goods or services in return. The charity is not required to provide the fair market value of the item in the gift receipt. As discussed above, it is the donor's responsibility to determine the fair market value of his or her gift.

[PK]

The info Rob has posted above is 100% the deal.

Only the amount, if any, you paid above the fair market value of the item is deductable (according to the IRS). What else you decide to do try and deduct is entriely up to you and who does you taxes.

[eGameUsed]

Rob,

Great point regarding the recipient of the money. MLB is likely taking the tax write off on these. I had a similar instance a few years ago when I purchased some game worn jerseys from the Astros. The purchase was made through Tri-Star Productions, as they ran the auction for the Astros in Action foundation. It took some time, but I finally got the letter from the Astros.

Just so I have no worries, I will pass on making any deduction for the pink bats. I only had $1000 or so in them. It just doesn't seam worth it!

Thanks for the advice everyone!

Thanks,

[stlbats]

The last bat I won on MLB auctions, came with the LOA from team as well as a separate letter clearly stating for income tax purposes and had the exact amount that was deductible. If I remember right the amount was less than the total purchase price, but only about $50 less. This has been about 2-3 yrs ago.

Thanks
Jason
stlbats@bellsouth.net

[allstarsplus]

Here's some info that might come in handy since so many game used items seem to originate from charity auctions...

Valuation

Some items, such as those readily purchased at a retailer for fixed or suggested prices, are more easily valued than items such as art, memorabilia and meals with notable people. Both the donor and the charity must value the item.

The donor is responsible for valuing the item in order to substantiate his or her deduction, if any. The donor has the burden of proving to the IRS how he or she determined the fair market value of the donated item. If the donated item is worth more than $5,000, a written appraisal is required. Donors also are required to present a written acknowledgement or receipt from the charity for any non-cash contributions valued at more than $250. Sec. 170(f)(8); Reg. 1.170A-13(f).

In addition, the charity also has a responsibility to value the item, because it must provide this information to potential bidders, and more importantly, to the winning bidder for his or her deduction. Many charities include this information in their auction brochure or bidding list.

Taxation of Winning Bidders

Another common misconception is that any item won at a charity auction is fully deductible as a charitable contribution. If a bidder wins an item, he or she is allowed to deduct only the amount over the fair market value of the item. A contribution for which the donor receives something in return is called a quid pro quo contribution.

For example, Bidder places the winning bid on a dinner for two at a local restaurant. The fair market value of the dinner is $75. If Bidder pays $75 or less for the dinner, Bidder cannot deduct any of the bid payment as a charitable deduction.

Alternatively, Bidder wins and pays $125 for the same dinner. Bidder may deduct $50 of his or her payment as a charitable deduction because Bidder paid $125 for a dinner with a value of $75. The difference, $50, is the value of Bidder's gift to charity.

Charity Documentation

As mentioned above, the charity must provide documentation to the donor and to the winning bidder. The charity should provide the donor with a gift receipt that states the date and location of the charitable contribution, describes the donated item and states whether or not the donor received any goods or services in return. The charity is not required to provide the fair market value of the item in the gift receipt. As discussed above, it is the donor's responsibility to determine the fair market value of his or her gift.

Rob - Very strong points as that is a common mistake that someone will buy a jersey for $1,000 at a charitable auction and write off the entire $1,000 which is not correct.

I am a CPA albeit my license is inactive so don't take my comments as tax advice, but I find it a shame that those pink bats didn't come with a charitable letter spelling out the Fair Market Value of the bats for tax purposes.

Fair Market Value is extremely subjective as it would be the price that bat would fetch in a sale if it was not a charitable item. Well, putting a number on a bat used for 1 game can't be readily achievable so you usually rely on the Charity to disclose the FMV amount.

When I went to my last Super Bowl, I attended several parties and for instance the Taste of the NFL Dinner clearly stated $725 of my $775 dinner was tax deductible as a Charitable Donation.

I would email MLB or email the Susan B. Komen Foundation and see if you can get a letter or consult your CPA.

Andrew

[Fnazxc0114]

do you guys know if you can write these off on your taxes. if so it would help me out next year.

[PK]

Only the amount above and beyond the value of the bat that you paid can be claimed, which if I remember correctly from last year was about $200-$250. So only anything above at amount can technically be claimed. Now if you do your own taxes and want to be nervous for 7 years.....

[suave1477]

You wont be nervous for 7 years you can write it off its not that big of a deal.
Your just writing off $250 which most people do not realize when you write something off you dont get the whoel thing back you only get a small percentage.
So technically if you wrote off $250 you would be getting back like $15 to $25.

I am pretty sure the IRS is not gonna hunt you down for $25 lol lol:D

[Fnazxc0114]

i dont ususally get enything back. but i though that charity contributions are a dollar for dollar reduction on youur overall income so i have to pay in less.

[suave1477]

I am not an expert but I cant imagine it being dollar for dollar I never heard of a tax write off being dollar for dollar.

The closest you get is writing off education which I believe you get back 33%

[Fnazxc0114]

i guess this would be a good question to ask my accountant on monday

[kj33706]

yes u can.

[joelsabi]

i just saw a pink batting helmet signed by arod. do the yankees really use pink helmet on mothers day or is this another manufactured souvenir?

[indyred]

i just saw a pink batting helmet signed by arod. do the yankees really use pink helmet on mothers day or is this another manufactured souvenir?

No they don't use pink helmets. Just a collectible. Kinda sucks that 3 games got rained out today. I hope MLB allows those teams to use the pink bats tomorrow or when each team plays it's next game.

[kylehess10]

i just saw a pink batting helmet signed by arod. do the yankees really use pink helmet on mothers day or is this another manufactured souvenir?


Now wouldn't that be something :D



I think we're gonna need both-teams-played-hard's photoshop skills for this one!

[chakes89]

Next they will be wearing all pink uniforms and cleats

[jshortt]

Next they will be wearing all pink uniforms and cleats

Actually, Griffey and Jose Reyes wore black/pink cleats yesterday, haha.

-Josh

[godwulf]

Diamondbacks catcher Miguel Montero wore a pink chest protector and pink shin guards yesterday.

[godwulf]

Apparantly it isn't only LS that's making pink Mother's Day bats for the players - for some reason I, for one, thought it was. Just checked out mlb.com and they've got a pink, game-used Eric Byrnes 'Old Hickory' bat up for auction.

[indyred]

Apparantly it isn't only LS that's making pink Mother's Day bats for the players - for some reason I, for one, thought it was. Just checked out mlb.com and they've got a pink, game-used Eric Byrnes 'Old Hickory' bat up for auction.

Almost all the bat makers have pink one's made up for the players. I've seen Rawlings, BWP, X bats, ect...... Cool to see the Indians and Blue Jays got to use them today. Did anyone see if any Yankees used them tonight or any Braves or Pirates. Detroit didn't play tonight, so I hope they use them tomorrow.

[BMH]

The first year it was pretty much just Louisville Slugger. The idea was given to us three weeks before Mother's Day and it took MLB another week to decide they wanted to do it. The week before they also gave permission to to the other bat manufacturer's to do the same. It wasn't pretty, many of them were pretty pissed about it and said we had an unfair advantage. The only advantage we had was we already used pink on our mini bats so we had it in house. The other thing is we are the only ones allowed to put the ribbon on the bats or put Mother's Day on the bats. Some have complained about that too but they were told if they want to do it, then shell out the $500,000.00 a year we do to be the official bat of MLB and they will be allowed to use the ribbon too.

On that note I'm getting some pink bats back from players. Seems Ryan Braun thinks these are the hardest bats hes ever used. So he wants us to dip them in black so he can continue to use them in games. I guess after two HR shots during the game I'd want to keep using them too.

[indyred]

The first year it was pretty much just Louisville Slugger. The idea was given to us three weeks before Mother's Day and it took MLB another week to decide they wanted to do it. The week before they also gave permission to to the other bat manufacturer's to do the same. It wasn't pretty, many of them were pretty pissed about it and said we had an unfair advantage. The only advantage we had was we already used pink on our mini bats so we had it in house. The other thing is we are the only ones allowed to put the ribbon on the bats or put Mother's Day on the bats. Some have complained about that too but they were told if they want to do it, then shell out the $500,000.00 a year we do to be the official bat of MLB and they will be allowed to use the ribbon too.

On that note I'm getting some pink bats back from players. Seems Ryan Braun thinks these are the hardest bats hes ever used. So he wants us to dip them in black so he can continue to use them in games. I guess after two HR shots during the game I'd want to keep using them too.

Have any other players did that besides Braun. I bet quite a few collectors were going to try winning that one if it got put up for auction. Has Braun being using LS much in the past. I know last year he seemed to use Sam bats a lot. I know the last time I did the factory tour, you had a sweet signed Arod game used pink bat on display. Also i think you guys had a Griffey. Do player's sometimes give bats back to you guys for displaying?

[allstarsplus]

The first year it was pretty much just Louisville Slugger. The idea was given to us three weeks before Mother's Day and it took MLB another week to decide they wanted to do it. The week before they also gave permission to to the other bat manufacturer's to do the same. It wasn't pretty, many of them were pretty pissed about it and said we had an unfair advantage. The only advantage we had was we already used pink on our mini bats so we had it in house. The other thing is we are the only ones allowed to put the ribbon on the bats or put Mother's Day on the bats. Some have complained about that too but they were told if they want to do it, then shell out the $500,000.00 a year we do to be the official bat of MLB and they will be allowed to use the ribbon too.

On that note I'm getting some pink bats back from players. Seems Ryan Braun thinks these are the hardest bats hes ever used. So he wants us to dip them in black so he can continue to use them in games. I guess after two HR shots during the game I'd want to keep using them too.

Brian - Great update. Braun goes 4 HRs in 2 days!!!

Have you heard anything about if MLB will do the "baby blue" bats for Father's Day for Prostate cancer? The teams have been wearing the blue ribbons and teams have the special bases, etc. on Father's Day.

Again, thanks for all the insight you give to the Forum!

[TFig27]

Have any pink bats been up for sale/auction yet?

[indyred]

Have any pink bats been up for sale/auction yet?

I haven't seen any from 2008 yet. Last year it wasn't until early June when they started hitting. Then their was two big waves of them and few scattered one's showing up the rest of the year. I can't wait. It always interesting to see what bats even make it to auction. Some entire teams you never see any get put up. Then you see some insane prices like Bill Hall from year 1 with 25k for his. Then last year the Biggio bat. That one was starnge. Got sold for 7k, then a few months later it got relisted and sold for 2k. Something fishy must have happened with first auction. Torii Hunter had a monster game last year with his pink Rawlings bat and that sold for well over 2k. It's too bad the Braun bat isn't going to get put up this year. It's always interesting to see what brands some guys got bats made in pink from. I know David Ortiz used a pink X Bat this year. Never seen him use that brand before. Morneau used LS, he almost always has ben using BWP bats.

[Fnazxc0114]

the red sox have variteks game used catchers gear with pink outlines up for sale on mlb.com

[brianborsch]

An Alex Rodriguez game issued pink bat is available on ebay. Sellers says it is from a clubhouse source.

BB

[indyred]

the red sox have variteks game used catchers gear with pink outlines up for sale on mlb.com

That's cool. Didn't see that before. I think a few catcher's did something like that this year. Here is pictue I saved of Big Papi using his pink X bat this year at Metrodome. It looks like it says Model 24. So my guess the bat may be a Manny Ramirez bat.
http://i204.photobucket.com/albums/bb161/pinkbats09/pb09.jpg

[dcrules01]

Met Ryan Church this past weekend .Had him autograph this photo .Here is him using his Mothers day bat.

http://i88.photobucket.com/albums/k195/metsjerseys/church.jpg