This past weekend the local PBS station here in Cinci had thier annual
beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for $475 tax
included. Now I need to know if any of the subject adjectives fit me. I also
still need to unpack the sucker from the box and it's already Tuesday night.
Thanks. Larry
--
larry in Cinci
In article <[email protected]>,
todd <[email protected]> wrote:
>"Frank Ketchum" <[email protected]> wrote in message
>news:[email protected]...
>>
>> "larry in cinci" <[email protected]> wrote in message
>> news:[email protected]...
>> > This past weekend the local PBS station here in Cinci had thier annual
>> > beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for $475
>> tax
>> > included. Now I need to know if any of the subject adjectives fit me. I
>> also
>> > still need to unpack the sucker from the box and it's already Tuesday
>> night.
>> > Thanks. Larry
>> >
>>
>> Don't know. Does anyone know if this purchase price can be written off of
>> next years taxes since it is PBS. Is that considered a donation?
>>
>> Frank
>
>I'm not a tax attorney or an accountant, but I would expect that anything
>above fair market value would be deductible. Sadly, logic doesn't always
>prevail in these cases.
The value of a 'donation' to a charitable organization is the amount given,
*less* the 'value' of anything that they give you. Yes, you _can_ deduct
the difference on your taxes.
larry in cinci wrote:
> This past weekend the local PBS station here in Cinci had thier annual
> beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for $475 tax
> included. Now I need to know if any of the subject adjectives fit me. I also
> still need to unpack the sucker from the box and it's already Tuesday night.
> Thanks. Larry
>
> --
> larry in Cinci
It depends on which model. Here's what "Toolseeker" lists:
DeWalt DW705 12" 15 Amp Compound Miter Saw - $270
DeWalt DW706 12" 15 Amp Dual Bevel Compound Miter Saw - $324
DeWalt DW708 12" 15 Amp Sliding Compound Miter Saw - $569
DeWalt DW712 12" 15 Amp Sliding Compound Miter Saw - $399
--
Jack Novak
Buffalo, NY - USA
(Remove "SPAM" from email address to reply)
"larry in cinci" <[email protected]> wrote in message
news:[email protected]...
> This past weekend the local PBS station here in Cinci had thier annual
> beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for $475
tax
> included. Now I need to know if any of the subject adjectives fit me. I
also
> still need to unpack the sucker from the box and it's already Tuesday
night.
> Thanks. Larry
If it is the slider, it is a gloat. If it is the 705, I got mine for $290
and it included a free ROS with a value of $60.
Ed
B a r r y <[email protected]> wrote in message news:<[email protected]>...
> On Thu, 29 Apr 2004 01:29:27 -0500, "todd" <[email protected]>
> wrote:
>
>
> >I was afraid that sounded too much like common sense to be actually legal.
> >
> >todd
> >
>
> Many charities now provide the value of the goods and services
> received right on the receipt.
>
> For instance, I support local public radio. I was sent a thank you
> gift of a "Car Talk" t-shirt and mug. The donation receipt clearly
> stated the amount of my donation and a $23 value of the shirt and
> travel mug.
>
> Barry
There are many ways to acceptably document "fair market value" of
these types of things (as well as the FMV of things won in raffles or
contests - which are taxable). If it is a widely available item then
research the lowest price you can find - the internet is great for
this. If it is used, ebay "completed auctions" may be a good source -
maybe even for some new stuff. You clearly do not have to accept
"Manufacturers Suggested Retail Price" (MSRP) which is what you will
normally get from the Charity or the entity running the raffle or
contest. That is almost always a wildly inflated value that minimizes
the value of your deduction. To maximize your deduction, you want to
find and document the lowest real life price possible. In the case of
things won in raffles or contests, you can advertise the thing for
sale and claim as income the actual price you sell it for. It has been
held reasonable to not sell the item and claim the highest offer made
as the Fair Market Value for tax purposes - this is a case by case
call, however.
Dave Hall
My CYA statement:
I am a CPA, but I am not YOUR CPA. I'm also not your tax advisor,
although I play one on the internet. When in doubt always check with
your attorney, accountant or other professional tax advisor.
"larry in cinci" <[email protected]> wrote in message
news:[email protected]...
> This past weekend the local PBS station here in Cinci had thier annual
> beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for $475
tax
> included. Now I need to know if any of the subject adjectives fit me. I
also
> still need to unpack the sucker from the box and it's already Tuesday
night.
> Thanks. Larry
>
Don't know. Does anyone know if this purchase price can be written off of
next years taxes since it is PBS. Is that considered a donation?
Frank
What's the model # of that one? Today I received the newest issue of Handy.
They tested 7-12" miter saws... the Dewalt dw705s included. Street price
$299.
Sounds like you made a nice donation.
Have fun!
Joe
"larry in cinci" <[email protected]> wrote in message
news:[email protected]...
> This past weekend the local PBS station here in Cinci had thier annual
> beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for $475
tax
> included. Now I need to know if any of the subject adjectives fit me. I
also
> still need to unpack the sucker from the box and it's already Tuesday
night.
> Thanks. Larry
>
> --
> larry in Cinci
>
>
"Robert Bonomi" <[email protected]> wrote in message
news:[email protected]...
> In article <[email protected]>,
> todd <[email protected]> wrote:
> >"Frank Ketchum" <[email protected]> wrote in message
> >news:[email protected]...
> >>
> >> "larry in cinci" <[email protected]> wrote in message
> >> news:[email protected]...
> >> > This past weekend the local PBS station here in Cinci had thier
annual
> >> > beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for
$475
> >> tax
> >> > included. Now I need to know if any of the subject adjectives fit me.
I
> >> also
> >> > still need to unpack the sucker from the box and it's already Tuesday
> >> night.
> >> > Thanks. Larry
> >> >
> >>
> >> Don't know. Does anyone know if this purchase price can be written off
of
> >> next years taxes since it is PBS. Is that considered a donation?
> >>
> >> Frank
> >
> >I'm not a tax attorney or an accountant, but I would expect that anything
> >above fair market value would be deductible. Sadly, logic doesn't always
> >prevail in these cases.
>
> The value of a 'donation' to a charitable organization is the amount
given,
> *less* the 'value' of anything that they give you. Yes, you _can_ deduct
> the difference on your taxes.
I was afraid that sounded too much like common sense to be actually legal.
todd
"Frank Ketchum" <[email protected]> wrote in message
news:[email protected]...
>
> "larry in cinci" <[email protected]> wrote in message
> news:[email protected]...
> > This past weekend the local PBS station here in Cinci had thier annual
> > beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for $475
> tax
> > included. Now I need to know if any of the subject adjectives fit me. I
> also
> > still need to unpack the sucker from the box and it's already Tuesday
> night.
> > Thanks. Larry
> >
>
> Don't know. Does anyone know if this purchase price can be written off of
> next years taxes since it is PBS. Is that considered a donation?
>
> Frank
I'm not a tax attorney or an accountant, but I would expect that anything
above fair market value would be deductible. Sadly, logic doesn't always
prevail in these cases.
todd
"Or what" fits. :-)
On Tue, 27 Apr 2004 21:30:46 -0400, "larry in cinci"
<[email protected]> wrote:
>This past weekend the local PBS station here in Cinci had thier annual
>beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for $475 tax
>included. Now I need to know if any of the subject adjectives fit me. I also
>still need to unpack the sucker from the box and it's already Tuesday night.
>Thanks. Larry
I dunno about that- slide model?
I just bought a Bosch 3912 at a silent auction/ fund raiser, for my
kids school. I thought $185 sounded great, until I got home and
looked it up. I got a deal, sure, but not a super duper "you suck"
gloat.
....as I understand gloats....
-Dan V.
On Tue, 27 Apr 2004 21:30:46 -0400, "larry in cinci"
<[email protected]> wrote:
>This past weekend the local PBS station here in Cinci had thier annual
>beg-a-thon auction I bid on and won a 12 inch Dewalt miter saw for $475 tax
>included. Now I need to know if any of the subject adjectives fit me. I also
>still need to unpack the sucker from the box and it's already Tuesday night.
>Thanks. Larry
On Thu, 29 Apr 2004 01:29:27 -0500, "todd" <[email protected]>
wrote:
>I was afraid that sounded too much like common sense to be actually legal.
>
>todd
>
Many charities now provide the value of the goods and services
received right on the receipt.
For instance, I support local public radio. I was sent a thank you
gift of a "Car Talk" t-shirt and mug. The donation receipt clearly
stated the amount of my donation and a $23 value of the shirt and
travel mug.
Barry