Calculating income from auction sale for taxesArchived Message
Posted by Jill Gurr on 12/26/2005, 11:52 am
We had a benefit in November and through our auction, we raised a bunch of money in addition to the proceeds at the door. We gave everyone a receipt for the tax deduction.
Now that I'm calculating our income for 2005, how do I credit the in-kind donations for our auction? For instance, a theater company donated a certificate valued at $ 70 and we sent them a letter of substantiation for that amount. But we sold the tickets for $ 100, so do I credit this donation as a MATERIAL or a CASH donation and would it be worth $ 70 or $ 100?