Charitable contribution of concert tickets

[seentheworld]

I have concert tickets with face value of $250. If I donate them to a charity and the charity sells them in an auction for $1,000, what is the value of my charitable contribution ($250 or $1000)? Thanks!

 

[Zigner]

I have concert tickets with face value of $250. If I donate them to a charity and the charity sells them in an auction for $1,000, what is the value of my charitable contribution ($250 or $1000)? Thanks!

$250 - or less if the performer really sucks.

ETA: If you paid less than $250, that may affect things - I'll let others chime in

 

[tranquility]

I agree with Zigner's answer. Donations to a charity for an unrelated use are limited by the the donor's basis. But, I note the OP's question is not foolish. Many times a contribution to a charity of something like a vehicle might find the FMV from an auction or sale. But, in this case, any appreciation on price is not really under the definition of an arm's length sale as the buyer is almost assuredly bidding more because they feel they are giving a gift as well. They will claim the difference between the cost of the ticket and the amount they paid.

 

[seentheworld]

Thanks for your quick responses.

Actually, the tickets are for Adele and they are selling for way more than face value. So I would argue that the sale for a price above face isn't necessarily because people are being charitable, but because that's where the market it. All moot though if I'm limited to my cost.

 

[tranquility]

Thanks for your quick responses.

Actually, the tickets are for Adele and they are selling for way more than face value. So I would argue that the sale for a price above face isn't necessarily because people are being charitable, but because that's where the market it. All moot though if I'm limited to my cost.

If you were to donate them to a charity that was exposing the arts to children, homeless, whomever, and the use could be considered for the purpose of the charity, then you could claim the FMV. But because it is for an unrelated purpose (from the charity), you would be limited to your basis. (Basis is what the cool kids say for "cost".)

 

[davew128]

Thanks for your quick responses.

Actually, the tickets are for Adele and they are selling for way more than face value. So I would argue that the sale for a price above face isn't necessarily because people are being charitable, but because that's where the market it. All moot though if I'm limited to my cost.

If you were donating the tickets to a Weight Loss Foundation, you'd get nothing because those people tend to not listen to Adele.

Hello?
It's Jenny Craig...
*click*
Hello? Hello?

 

[tranquility]

If you were donating the tickets to a Weight Loss Foundation, you'd get nothing because those people tend to not listen to Adele.

Hello?
It's Jenny Craig...
*click*
Hello? Hello?

While davew128 is legally correct, I suspect he has had a long day.

 

[FlyingRon]

Actually, the amount for deduction is the FACE VALUE or what the sell for whichever is LESS.