Lawyers, we are the subject of many jokes, but our keen eyes and attention to details are a great asset. Thanks to Attorney E.W. for catching my oversight. The Facebook post was quickly modified. And here is a link to that on-line auction.
Friday, July 20, 2012
Charitable Auctions and Tax Breaks
Earlier this week I put a post on my Facebook page about a gift certificate I had donated to a non-profits on-line silent auction. Mistakenly I said "get a will and earn a write-off". Another lawyer caught my mistake! According to the IRS, only if the winner paid more than the fair market value of the donation, was a deduction allowed. And then the deduction would only be for the amount exceeding the fair market value. For example, my gift certificate was for $350. Only if the winner pays more than $350 is a deduction allowed, and then only the amount greater than $350. So if they paid $400, the winner would have a charitable gift deduction of $50.
Lawyers, we are the subject of many jokes, but our keen eyes and attention to details are a great asset. Thanks to Attorney E.W. for catching my oversight. The Facebook post was quickly modified. And here is a link to that on-line auction.
Lawyers, we are the subject of many jokes, but our keen eyes and attention to details are a great asset. Thanks to Attorney E.W. for catching my oversight. The Facebook post was quickly modified. And here is a link to that on-line auction.
Melinda Gustafson Gervasi is a Madison attorney and author whose current practice focuses on estate planning and probate. She is committed to increasing the public’s understanding of estate planning and probate issues. In 2013 she released her first book, Middle Class Philanthropist where she illustrates how anyone can leave a legacy. Gustafson Gervasi Law Office, LLC, 5555 Odana Rd., Suite 205, Madison, WI 53719
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