Brian Peck Posted April 6, 2020 Share Posted April 6, 2020 1 hour ago, Bird said: David Mandel bought this one. That is who I expected would win. Link to comment Share on other sites More sharing options...
Brian Peck Posted April 6, 2020 Share Posted April 6, 2020 23 minutes ago, AnkurJ said: You can buy a really nice published page for the same amount. While it may not be from xmen or Hush, it would still be quite nice. But this will go to a good cause. J.Sid 1 Link to comment Share on other sites More sharing options...
AnkurJ Posted April 6, 2020 Share Posted April 6, 2020 Just now, Brian Peck said: But this will go to a good cause. Agreed. Can’t beat that. Link to comment Share on other sites More sharing options...
JadeGiant Posted April 6, 2020 Share Posted April 6, 2020 $325K raised from these - you taking over or under? Link to comment Share on other sites More sharing options...
malvin Posted April 6, 2020 Share Posted April 6, 2020 2 minutes ago, JadeGiant said: $325K raised from these - you taking over or under? Is he doing 30 or 60? I think 325K is not a bad line to draw if he is doing 60. There are only a few and it looks ike 6K is average so it's trending towards over. Of course I assume the later characters he draws will be less popular and start finishing lower. I'll still go over. Malvin Rick2you2 and JadeGiant 2 Link to comment Share on other sites More sharing options...
Unstoppablejayd Posted April 6, 2020 Share Posted April 6, 2020 2 hours ago, JadeGiant said: $325K raised from these - you taking over or under? If it keeps up the way it is going I would take the over.. the one closing in a few hours is over 9k already!! JadeGiant 1 Link to comment Share on other sites More sharing options...
JadeGiant Posted April 6, 2020 Share Posted April 6, 2020 I am curious to see if these can continue to sell so strongly for 60 pieces. If they do, where is the ceiling? Half a million? Whatever the number ends up being, lots of comic shops look to benefit. Link to comment Share on other sites More sharing options...
Unstoppablejayd Posted April 6, 2020 Share Posted April 6, 2020 9 minutes ago, JadeGiant said: I am curious to see if these can continue to sell so strongly for 60 pieces. If they do, where is the ceiling? Half a million? Whatever the number ends up being, lots of comic shops look to benefit. I was talking to a friend about this and wonder what the tax ramifications will be all around.. I do not think anyone will be able to write anything off because it is not running through a none for profit.. and the funds are going directly to a business I do not think you can really donate to a for profit business . And then on the Lee side since he is running it all through ebay I think it will all be reportable income? Not sure on that side, but the amount of funds has to show up somewhere. JadeGiant 1 Link to comment Share on other sites More sharing options...
comiconxion Posted April 6, 2020 Share Posted April 6, 2020 9 minutes ago, Unstoppablejayd said: I was talking to a friend about this and wonder what the tax ramifications will be all around.. I do not think anyone will be able to write anything off because it is not running through a none for profit.. and the funds are going directly to a business I do not think you can really donate to a for profit business . And then on the Lee side since he is running it all through ebay I think it will all be reportable income? Not sure on that side, but the amount of funds has to show up somewhere. From Jim's latest auction for Big Barda "All proceeds to benefit comic shops in need during this crisis. Now 95% tax deductible as funds go immediately to the fund DC has set up at the Book Industry Charitable Foundation. Shipping will be very delayed so please have patience. Will have to wait til shelter in place lifts which could be 30 plus days." Twanj, Keys_Collector, JadeGiant and 1 other 4 Link to comment Share on other sites More sharing options...
Unstoppablejayd Posted April 6, 2020 Share Posted April 6, 2020 9 minutes ago, comiconxion said: From Jim's latest auction for Big Barda "All proceeds to benefit comic shops in need during this crisis. Now 95% tax deductible as funds go immediately to the fund DC has set up at the Book Industry Charitable Foundation. Shipping will be very delayed so please have patience. Will have to wait til shelter in place lifts which could be 30 plus days." OH awesome! I was wondering how they would work this out. Thanks Link to comment Share on other sites More sharing options...
Rick2you2 Posted April 6, 2020 Author Share Posted April 6, 2020 16 minutes ago, comiconxion said: From Jim's latest auction for Big Barda "All proceeds to benefit comic shops in need during this crisis. Now 95% tax deductible as funds go immediately to the fund DC has set up at the Book Industry Charitable Foundation. Shipping will be very delayed so please have patience. Will have to wait til shelter in place lifts which could be 30 plus days." I’m not a tax lawyer, and it has been quite a few years since I took tax law, but that doesn’t sound right to me. You aren’t supposed to get a deduction for the value of something received back. So, if you go to a dinner to raise money for charity, you are theoretically supposed to exclude the value of the meal, with the balance being deductible. The fact that it is a charitable foundation just means that the amount paid over the value received is deductible. Taking what Jim posted at face value would mean the value of his sketches is only 5% of what is paid? I doubt it. If someone has better knowledge on this (like some of our accountants here), I defer to them. Link to comment Share on other sites More sharing options...
NelsonAI Posted April 7, 2020 Share Posted April 7, 2020 (edited) Yup to Rick. Usually, in order for anything to be deductible for a charity auction, the amount of the deduction is the excess of the Fair Market Value of the item received. Each artwork you receive has a FMV. If Jim is saying 95% is tax deductible, he is actually undervaluing his art. Let's say on average each piece sells for $6K. 95% of $6K = US$5,700. That would mean the average FMV of each drawing is $300. Jim's art would certainly sell for more than $300. The amount eligible for a tax deduction is $5,700. Of course, given tax laws, you must itemize your deductions and qualify. Check with your tax advisors before you take a deduction. Kudos to Jim regardless. Edited April 7, 2020 by NelsonAI Typos Twanj and Unstoppablejayd 2 Link to comment Share on other sites More sharing options...
ExNihilo Posted April 7, 2020 Share Posted April 7, 2020 What's the max deduction you can take from charitable donations? I know they put a cap on mortgage deductions, but not sure if one exists for charities. Also, this is probably selfish of me, but i hope there's a limit of 1 winning bid for the entirety of the auction. It'd be terribly unfair for one rich person to just come in and put a $20k bid on every auction and win all 60. I mean, at the end of the day it's great for the charity, but as a fan, it just gives me this false hope that I even have a chance. :\ Link to comment Share on other sites More sharing options...
J.Sid Posted April 7, 2020 Share Posted April 7, 2020 Azrael approaching $10k, so the average price keeps climbing and climbing... .... and he hasn't even gotten to any of the "good" characters yet! Link to comment Share on other sites More sharing options...
Rick2you2 Posted April 7, 2020 Author Share Posted April 7, 2020 3 minutes ago, J.Sid said: Azrael approaching $10k, so the average price keeps climbing and climbing... .... and he hasn't even gotten to any of the "good" characters yet! I think he is looking for characters to draw who are not common. With that in mind, I hope someone has the guts to ask for Sugar and Spike, or maybe even Hoppy the Marvel Bunny. alxjhnsn 1 Link to comment Share on other sites More sharing options...
Bird Posted April 7, 2020 Share Posted April 7, 2020 12 minutes ago, Rick2you2 said: I think he is looking for characters to draw who are not common. With that in mind, I hope someone has the guts to ask for Sugar and Spike, or maybe even Hoppy the Marvel Bunny. I would think Alex Johnson has already asked for sugar and spike! But I really don’t know alxjhnsn and Catwoman_Fan 2 Link to comment Share on other sites More sharing options...
Unstoppablejayd Posted April 7, 2020 Share Posted April 7, 2020 25 minutes ago, Rick2you2 said: I think he is looking for characters to draw who are not common. With that in mind, I hope someone has the guts to ask for Sugar and Spike, or maybe even Hoppy the Marvel Bunny. Person who wins picks the next character Keys_Collector 1 Link to comment Share on other sites More sharing options...
Bird Posted April 7, 2020 Share Posted April 7, 2020 Love this Barda! She has such a great design Twanj and Andahaion 2 Link to comment Share on other sites More sharing options...
Bronty Posted April 7, 2020 Share Posted April 7, 2020 51 minutes ago, ExNihilo said: Also, this is probably selfish of me, but i hope there's a limit of 1 winning bid for the entirety of the auction. It'd be terribly unfair for one rich person to just come in and put a $20k bid on every auction and win all 60. I mean, at the end of the day it's great for the charity, but as a fan, it just gives me this false hope that I even have a chance. :\ Probably? I get that you’d like to win but the only result to cheer for in a charity auction is maximum proceeds. ExNihilo, Keys_Collector, Unstoppablejayd and 1 other 4 Link to comment Share on other sites More sharing options...
Bird Posted April 7, 2020 Share Posted April 7, 2020 30 minutes ago, Bronty said: Probably? I get that you’d like to win but the only result to cheer for in a charity auction is maximum proceeds. I agree. I bid on some of the Mignola's but I challenged twitter to outbid me and they did. At least for now....bwahahahahaha! Link to comment Share on other sites More sharing options...