Jeff Passan: Why Aren't Contracts Going Up?

[kevinb]

3 hours ago, Blarg said:

Sorry but you are wrong on that one. The car purchased has a value so regardless of the amount given to charity he still received a vehicle of value and is unable to claim the money he spent was a charitable donation if the value is equal to or exceeds the amount paid. I've been to several auctions where the buyer bailed out when he realized only the seller gets the donation credit. 

Interesting. I was just told this by them. Didn’t actually see his books. 

[Stradling]

Also in my limited experience at charity auctions, you don’t get to write off the entire purchase price, you get to write off the difference between what the actual value of the item is and the price you paid.  It’s also my experience that very frequently the item you’re bidding on you get for less than the retail value of the product.  A few months back I was in a live auction for a Hawaiian vacation and I had a price in my mind of what I could spend.  This trip would have been very nice.   Great resort that I’ve stayed at before.   A couple of restaurant gift cards.  Business class airfaire.  A couples massage at the hotel spa.  Yea, when all was said and done the winning bid was still a couple grand less than the actual value, so no write off.