cest
Junior Member
Posts โข 1,725
Likes โข 1,160
September 2018
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Accounting and amplifier foundation prints, by cest on Sept 30, 2018 13:46:15 GMT 1, Hey folks kind of a noob here and i have an accounting/art purchasing question. I purchased a Shepard Fairey 'protect the sacred' print from amplifier.org. essentially what I assume is happening is that we are donating the amount to the organization and they are sending us back a "thank you gift" which is a print. I'm trying to figure out what the standard convention is for y'all on how you account for this "gift"
I was reading on the interweb and found this:If you contribute $250 or more, then you must prove to the IRS that you (a) made the donation and (b) you didn't receive anything in return for that donation. Therefore you'll need a receipt from the charity that includes the following information: the charity's name, the value of your gift, the date you made your donation and a statement verifying that you did not receive any goods or services in return for your gift.
What I was hoping is that I could take the donation gift and deduct the original price of the print which is 60 bucks and submit the remainder for a charitable deduction. If this is the case I'll probably make most of my print purchases through amplifier and other organizations that offer gifts like this.
Hey folks kind of a noob here and i have an accounting/art purchasing question. I purchased a Shepard Fairey 'protect the sacred' print from amplifier.org. essentially what I assume is happening is that we are donating the amount to the organization and they are sending us back a "thank you gift" which is a print. I'm trying to figure out what the standard convention is for y'all on how you account for this "gift"
I was reading on the interweb and found this:If you contribute $250 or more, then you must prove to the IRS that you (a) made the donation and (b) you didn't receive anything in return for that donation. Therefore you'll need a receipt from the charity that includes the following information: the charity's name, the value of your gift, the date you made your donation and a statement verifying that you did not receive any goods or services in return for your gift.
What I was hoping is that I could take the donation gift and deduct the original price of the print which is 60 bucks and submit the remainder for a charitable deduction. If this is the case I'll probably make most of my print purchases through amplifier and other organizations that offer gifts like this.
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denzil
New Member
Posts โข 703
Likes โข 398
April 2009
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Accounting and amplifier foundation prints, by denzil on Sept 30, 2018 14:45:33 GMT 1, If the cost is less than $250 why do you think its a problem?
If the cost is less than $250 why do you think its a problem?
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cest
Junior Member
Posts โข 1,725
Likes โข 1,160
September 2018
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Accounting and amplifier foundation prints, by cest on Sept 30, 2018 16:03:25 GMT 1, If the cost is less than $250 why do you think its a problem?
The cost is 250
If the cost is less than $250 why do you think its a problem? The cost is 250 |
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k2
New Member
Posts โข 528
Likes โข 972
November 2016
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Accounting and amplifier foundation prints, by k2 on Sept 30, 2018 16:20:08 GMT 1, โ(b) you didn't receive anything in return for that donationโ
Seems pretty clear to me. You did receive something in return for your donation.
โ(b) you didn't receive anything in return for that donationโ
Seems pretty clear to me. You did receive something in return for your donation.
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cest
Junior Member
Posts โข 1,725
Likes โข 1,160
September 2018
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Accounting and amplifier foundation prints, by cest on Sept 30, 2018 16:57:42 GMT 1, I'll just wait to see what kind of receipt they send me
I'll just wait to see what kind of receipt they send me
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