Pink Bat / Komen Foundation Tax Deduictible Receipts

[RobSteinmetz]

Re: Pink Bat / Komen Foundation Tax Deduictible Receipts

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,

[suave1477]

Re: Pink Bat / Komen Foundation Tax Deduictible Receipts

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

[DGRROSEN]

Re: Pink Bat / Komen Foundation Tax Deduictible Receipts

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]

Re: Pink Bat / Komen Foundation Tax Deduictible Receipts

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.

[XPFO]

Re: Pink Bat / Komen Foundation Tax Deduictible Receipts

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?

[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!