Charity Silent Auction Bid
Excess over FMV
Can You Write Off Charity Silent Auction Bid?
Short answer: Charity Silent Auction Bid — Charitable Contributions
Amount paid exceeding fair market value of item.
Records to keep: Keep receipts and document business use. Deductible if ordinary and necessary for your trade or business.
BW-EXP-04109
low risk
Charity Silent Auction Bid
Excess over FMV
All Industries
Other Expenses
Charitable Contributions
Charity Silent Auction Bid — Charitable Contributions
BizWriteOffs provides educational information only and is not tax, legal, or accounting advice. Deductibility depends on your specific facts and records. Consult a qualified tax professional.
Business justification
Amount paid exceeding fair market value of item.
Category
- Charitable Contributions
charitable contributions
charitable
charity silent auction bid