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ARTICLE · 17 AUGUST 2022

Tax Compliance: Understanding Tax Issues With Auctions

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Auctions can be an effective way to raise funds at your not-for-profit organization's fundraising events. However, preparing for an auction involves more than fun and game...

United StatesTax
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Auctions can be an effective way to raise funds at your not-for-profit organization's fundraising events. However, preparing for an auction involves more than fun and games. Here are some suggestions that can help ensure that your organization does not run afoul of tax requirements.

Related Read: Holding an Auction? Be Sure to Comply

Acknowledge donated items

If you hold an auction to sell merchandise or services that have been donated to your charity, you should provide written acknowledgments to the donors of auctioned items valued at $250 or more. The acknowledgment must state the name of your organization and a description, but does not need to disclose the value of the donated item.

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