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Purchase with 100% of proceeds going to charity?
I am interested in purchasing an item on ebay that has 100% of the proceeds going to a charity. From my research it looks like I can deduct an amount that is above the fair market value of the item. Is this correct and is there a way to determine the fmv? How does one determine the FMV of an artist's work?
This is the item:
1 Answer
- Kevin FLv 41 decade agoFavorite Answer
It is the charity's responsibility to give you a receipt stating what the fair market value of the good or service is and what part of your gift may be tax deductible.
