Are Items Won in Charitable Online Auctions Tax-Deductable?

The Internal Revenue Service (IRS) has rules governing deductions for items purchased at a charity auction. For more information, please visit: www.irs.gov.  

When items are correctly closed by the non-profit organization on BiddingForGood, winning bidders receive an email indicating the item purchased, the estimated value of the item, and the amount of purchase. This email could be used as an receipt for tax record purposes.

BiddingForGood advises clients to check with their tax adviser, the IRS, or the appropriate state agency for further guidance.