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Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value.
Sally will be spendy, but I love it and admire Porsche for creating a one-off car based on an iconic cartoon character. Crazy? Sure. But a good kind of crazy and all the proceeds go to charity.
^This. If you pay X for something at a charity auction and you can establish that X exceeds the market value, Y, of that item, you get a deduction for the excess of X over Y as you are deemed to be getting Y in value so Y is not a donation, only the excess of X over Y.
I got a feeling that car is going to depreciate like crazy when the Sally Special is long forgotten. "Why would someone do that to a nice GTS" might be the feeling.
I got a feeling that car is going to depreciate like crazy when the Sally Special is long forgotten. "Why would someone do that to a nice GTS" might be the feeling.
it probably will be parked in a collectors garage for its entire life. But nice sum for charity!!
I got a feeling that car is going to depreciate like crazy when the Sally Special is long forgotten. "Why would someone do that to a nice GTS" might be the feeling.
Given it was a charity auction, I don’t think the winning bidder cares about depreciation.