Amount deductible for charity - fund raiser, auction, dinner
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Sue paid $500 to attend a dinner/fund raiser for a qualified charity 100 miles away from home. She purchased a painting at a silent auction for $1,000. The fair market value of the painting was $250. While there, a state representative sat at her dinner table and she wrote the representative a check for $300 for the next campaign. HOW MUCH CAN SHE DEDUCT FOR CHARITY?
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Solution Summary
This problem explains which expenditure is qualified for deduction for charity in the tax return. Explanation along with relevant rulings is provided for the amount included for deduction.
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The amount deductible for charity is $800. That is the amount paid for painting minus the fair value of the painting plus the $50 towards check paid to state representative.
$500 paid is ...
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