Charity auctions represent a fun method of bringing in private support. There are, however, many IRS rules and general dos and don’ts we must be aware of to ensure compliance with those regulations, while protecting the possibility of providing a tax-deductible opportunity for patrons. From North Carolina State University.
Note that there are not only federal laws but state and provincial laws can vary widely in what constitutes the tax receiptable portion for auction donations and for people purchasing the items.
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