Kate wrote: > when something is purchased from a nonprofit, the value of the item is not > tax deductible but the amount above that value usually is...
I didn't know this and have always just taken the entire amount for a tax deduction in cases of charity auctions, etc. How does one ascertain the value of this Joni litho? Joni gave it away for free, I assume, and I wonder if then she can take some tax deduction for her own donation. Is that the reasoning behind the tax code in this case - because Joni is already taking a deduction for part of it (a value I suppose she would determine absent a formal appraisal) the buyer can only take a deduction for the balance over and above what Joni takes? Kakki, wishing Joni would donate an original painting somewhere! ;-)
