Quote:
Originally Posted by 2001jesper
The started off the auction stating that the buyer could write off any premium in excess of the retail price.
"Subject to local laws, the buyer of this Lot may be entitled to claim a charitable contribution deduction. Under IRS regulations, a deduction will be limited to the excess of the lot’s hammer price paid over its fair market value. Phillips good faith estimate of the Lot’s fair market value is USD $52,635. Bidders are strongly advised to consult their own tax advisors to determine the application of their local tax laws to their specific circumstances and whether a charitable contribution deduction is available to them.
Following the sale of the Lot, Phillips will provide the buyer with the Nature Conservancy’s contact information should the buyer wish to benefit from a charitable contribution deduction that may be available to them."
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So then the buyer gets the write off and not seller. Interesting.
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