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The Official The Walking Dead Discussion Thread
13 13

Started by MutantKeys,

40,452 posts in this topic

Lovebeer

Lovebeer

Posted
Posted
Don't forget, this is a charity auction. Income tax write-off opportunity. I've seen plenty of folks spend massive amounts on silly/fun items at charity auctions.

 

We've discussed the tax writeoff ability of these before. In for a major IRS headache if you think you are going to deduct these.

 

Without the paperwork yes, but HI should supply a receipt with total amount spent and an estimate of value (if requested) for the item received. I'm on a board of a local charity and we do this all the time, especially when someone donates art for an auction. How much would it cost to recreate the item specifically for HI? If there is no comp available, then it could be Adlard's commission rate + all other associated fees = fair value. The burden of fair value should be placed on HI to create, that way the buyer can claim the excess.

 

If they want bigger donations then HI should be offering this.

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Comic-Ninjah-migration

Comic-Ninjah-migration

Posted
Posted

Na, I bought it, I dropped a high number trying to snipe but got caught in the cookie jar...

I got the Mike Norton, which I really wanted.

But now I got this one, I'll get it graded and see how it goes...

Just more then I wanted to spend. I feel like these got up'ed because of the Adlard bids....

I missed out on the Mike Walsh because I was too cheap, which went for way lower then it should have...

So my post shoulda read, "Anyone wanna trade the Peter Krause for the Mike Walsh"...

Dang, I thought I gave up on Baseball cards when I was 10..

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bffnut

bffnut

Posted
Posted
Na, I bought it, I dropped a high number trying to snipe but got caught in the cookie jar...

I got the Mike Norton, which I really wanted.

But now I got this one, I'll get it graded and see how it goes...

Just more then I wanted to spend. I feel like these got up'ed because of the Adlard bids....

I missed out on the Mike Walsh because I was too cheap, which went for way lower then it should have...

So my post shoulda read, "Anyone wanna trade the Peter Krause for the Mike Walsh"...

Dang, I thought I gave up on Baseball cards when I was 10..

 

Well, the Rafael Albuquerque was resold and went $110 higher than the original price and was "only" a 9.4. If yours came back a 9.8, there are some registry junkies that I am sure would love to buy it from you.

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bffnut

bffnut

Posted
Posted
Don't forget, this is a charity auction. Income tax write-off opportunity. I've seen plenty of folks spend massive amounts on silly/fun items at charity auctions.

 

We've discussed the tax writeoff ability of these before. In for a major IRS headache if you think you are going to deduct these.

 

Without the paperwork yes, but HI should supply a receipt with total amount spent and an estimate of value (if requested) for the item received. I'm on a board of a local charity and we do this all the time, especially when someone donates art for an auction. How much would it cost to recreate the item specifically for HI? If there is no comp available, then it could be Adlard's commission rate + all other associated fees = fair value. The burden of fair value should be placed on HI to create, that way the buyer can claim the excess.

 

If they want bigger donations then HI should be offering this.

 

Specifically for the Adlard, I doubt anyone is getting a deduction on that. You would basically have to prove that it is worth more than the $12,100 it ended for. I don't believe his commission rates are that high, and maybe the OA collectors can chime in, but his pages don't go for that much, do they? Commissions and actual OA pages from the book are probably reasonable equivalents for determining valuation.

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Comic-Ninjah-migration

Comic-Ninjah-migration

Posted
Posted
Na, I bought it, I dropped a high number trying to snipe but got caught in the cookie jar...

I got the Mike Norton, which I really wanted.

But now I got this one, I'll get it graded and see how it goes...

Just more then I wanted to spend. I feel like these got up'ed because of the Adlard bids....

I missed out on the Mike Walsh because I was too cheap, which went for way lower then it should have...

So my post shoulda read, "Anyone wanna trade the Peter Krause for the Mike Walsh"...

Dang, I thought I gave up on Baseball cards when I was 10..

 

Well, the Rafael Albuquerque was resold and went $110 higher than the original price and was "only" a 9.4. If yours came back a 9.8, there are some registry junkies that I am sure would love to buy it from you.

 

I have a lot to say on this subject, but I'll wait til all the auctions are done before I give my Opinion.

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retrothecollector

retrothecollector

Posted
Posted
Don't forget, this is a charity auction. Income tax write-off opportunity. I've seen plenty of folks spend massive amounts on silly/fun items at charity auctions.

 

We've discussed the tax writeoff ability of these before. In for a major IRS headache if you think you are going to deduct these.

 

Without the paperwork yes, but HI should supply a receipt with total amount spent and an estimate of value (if requested) for the item received. I'm on a board of a local charity and we do this all the time, especially when someone donates art for an auction. How much would it cost to recreate the item specifically for HI? If there is no comp available, then it could be Adlard's commission rate + all other associated fees = fair value. The burden of fair value should be placed on HI to create, that way the buyer can claim the excess.

 

If they want bigger donations then HI should be offering this.

 

Specifically for the Adlard, I doubt anyone is getting a deduction on that. You would basically have to prove that it is worth more than the $12,100 it ended for. I don't believe his commission rates are that high, and maybe the OA collectors can chime in, but his pages don't go for that much, do they? Commissions and actual OA pages from the book are probably reasonable equivalents for determining valuation.

If I'm correct, and maybe I am not. But an OA cover I believe may be in the range of 5-8k? That's current, I really don't know what a early early cover may fetch.

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bffnut

bffnut

Posted
Posted
You would basically have to prove that it is worth more than the $12,100 it ended for.

 

That's not how it works... $12,100 - "fair value" = amount you can claim as a charitable donation.

 

We discussed this a few pages ago. What determines FMV? Here is the defenition from IRS Publication 561:

 

Fair market value. Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction.

 

You would have to argue that the FMV of the Adlard cover was less then what it sold for. That seems tough to me. That's why I say you would need to prove that it's FMV is more than what it ended for. $$ - $12,100 = deduction.

 

Either way you want to look at it, consult a competent tax preparer.

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JS

JS

Posted
Posted
You would basically have to prove that it is worth more than the $12,100 it ended for.

 

That's not how it works... $12,100 - "fair value" = amount you can claim as a charitable donation.

 

We discussed this a few pages ago. What determines FMV? Here is the defenition from IRS Publication 561:

 

Fair market value. Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction.

 

You would have to argue that the FMV of the Adlard cover was less then what it sold for. That seems tough to me. That's why I say you would need to prove that it's FMV is more than what it ended for. $$ - $12,100 = deduction.

 

Either way you want to look at it, consult a competent tax preparer.

 

I don't think the recipient of the artwork can claim ANY write-off because they are receiving the artwork that was sold on the open market. Regardless that the money is going toward charity - the fact is, it sold on the open market and the fact that it sold with the proceeds going to charity does not change the value of the item received.

 

The person getting the write-off here would be the artist IF the artist donated the piece and did not get anything in return.

 

Oh, and never to post here and not take a shot on WD prices. No offense, but 12 grand on that WD cover :insane::insane: :insane: :insane: :insane: :insane: :insane: :insane:

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