reevesr1 Posted March 23, 2010 Posted March 23, 2010 P.S. Out of curiosity, are "donations" (winning bids) tax deductible?! I don't think so, but you may want to confirm. From what I remember, the person MAKING the donation can claim the value of the donation, but the person buying is getting something of value in return, and therefore cannot claim it. Quote
ÜberFly Posted March 23, 2010 Posted March 23, 2010 Yeah, an "in kind" donation - I think is how they classify it... Thanks, P I don't think so, but you may want to confirm. From what I remember, the person MAKING the donation can claim the value of the donation, but the person buying is getting something of value in return, and therefore cannot claim it. Quote
canadagrey Posted March 23, 2010 Posted March 23, 2010 I'll go $150 on Rick's (since I didn't win it last year!) P P.S. Out of curiosity, are "donations" (winning bids) tax deductible?! TAX INFORMATION TAKEN FROM TU DINNER PROGRAM Revenue Canada has ruled that the price paid for an item at a charity auction is the fair market value of the item. The price paid will therefore not be allowed as a charitable donation for tax purposes. However where the value of an item is ascertainable and made known to bidders in advance, a donation receipt will be available if the successful bid is more than 25% above the listed value: in this case the donation receipt will be an amount equal to the excess over the listed value. Quote
darrinhurst Posted March 23, 2010 Posted March 23, 2010 TAX INFORMATION TAKEN FROM TU DINNER PROGRAM Revenue Canada has ruled that the price paid for an item at a charity auction is the fair market value of the item. The price paid will therefore not be allowed as a charitable donation for tax purposes. However where the value of an item is ascertainable and made known to bidders in advance, a donation receipt will be available if the successful bid is more than 25% above the listed value: in this case the donation receipt will be an amount equal to the excess over the listed value. So, can we, as a group, assign a listed value to what would be considered "fair market value" and assign it to all the items up for bid? Then the winning bidder, if the bid is higher than the listed value, could obtain a tax benefit from it. Quote
adc Posted March 23, 2010 Posted March 23, 2010 So, can we, as a group, assign a listed value to what would be considered "fair market value" and assign it to all the items up for bid? Then the winning bidder, if the bid is higher than the listed value, could obtain a tax benefit from it. This is tricky business........If the seller, or one who donates an auction item provides a "retail price" then that is the fair market value but not all items have a retail price...... An example of an item with a retail price might be a float trip by a guide who is in the business of selling float trips.....Some items do not have a determined "retail or fair market value" because the donor is not in the business of selling these items, e.g. flies sold by individuals who don't normally sell flies, and as such the auction selling price sets "retail value" or fair market price................We cannot arbitrarily assign a fair market value......The whole taxation issue is complex and what each individual may choose to do when filing their taxes is up to them......... In my humble opinion the value of a tax receipt in terms of the amount of tax one will save if they paid say, $600 for an item that had a deemed fair market value of $500, is pretty minimal and likely not worth the risk of a tax audit...... Quote
reevesr1 Posted March 24, 2010 Author Posted March 24, 2010 Can we please limit this thread to bids? It is going to get really long otherwise. We can have conversations on the 2010 Auction Watch thread on the main General Discussion Page (not the pinned one). Mods, If you could move any of the non-bid specific posts to the other Auction Watch thread please? Quote
bigbowtrout Posted March 24, 2010 Posted March 24, 2010 Please place all of your questions here and leave the pinned thread for bids only. Thanks BBT Quote
reevesr1 Posted March 24, 2010 Author Posted March 24, 2010 Awesome idea guys! I like the idea of this having its own area. Quote
reevesr1 Posted March 24, 2010 Author Posted March 24, 2010 No set time. As long as I see interest, I'll keep it going--just like a real auction. But at some point, I'll put a notice on the auction saying "Going, Going" or something witty like that and give a specific closing time. Any bids time stamped before that time will be accepted. We will run the thread probably for a month or so, but no individual auction will go that long. Quote
darrinhurst Posted March 24, 2010 Posted March 24, 2010 This is tricky business........If the seller, or one who donates an auction item provides a "retail price" then that is the fair market value but not all items have a retail price...... An example of an item with a retail price might be a float trip by a guide who is in the business of selling float trips.....Some items do not have a determined "retail or fair market value" because the donor is not in the business of selling these items, e.g. flies sold by individuals who don't normally sell flies, and as such the auction selling price sets "retail value" or fair market price................We cannot arbitrarily assign a fair market value......The whole taxation issue is complex and what each individual may choose to do when filing their taxes is up to them......... In my humble opinion the value of a tax receipt in terms of the amount of tax one will save if they paid say, $600 for an item that had a deemed fair market value of $500, is pretty minimal and likely not worth the risk of a tax audit...... Kinda what I figured, but thought I'd ask the question anyway. Quote
reevesr1 Posted March 24, 2010 Author Posted March 24, 2010 New items coming today! Keep looking back at the auction. There is lots more still to come! Quote
ÜberFly Posted March 26, 2010 Posted March 26, 2010 Nets... Chris/Rick... How many nets are available and what size? Also is there a minimum bid? P Quote
bigbowtrout Posted March 26, 2010 Posted March 26, 2010 Nets... Chris/Rick... How many nets are available and what size? Also is there a minimum bid? P One net and I will look into the size. I know he is only doing the short handle vest nets and not long handle nets for sure. Quote
reevesr1 Posted March 27, 2010 Author Posted March 27, 2010 More new items today!! Also, thanks to the many people who have donated so far. Starting to get some donations from companies, and some creative ones at that. The donation does not have to be fishing related. Let's see if we can make this the best streamwatch auction yet. Toolman set a high bar, lets see if we can sneak over it! Quote
gustuphson Posted March 27, 2010 Posted March 27, 2010 I just want to say that I had the pleasure of getting out on a few of trips as a result of prior years auctions and they were all great. I got to meet some of the characters from the board, see some new water and have a blast while supporting an important cause. ReelLife and I went on the cuttie trip with Taco who knows pretty much everything about the history of the hills south of Calgary and has a serious passion for our native species, the Central AB Brownie trip with fishpro who is a fishing fanatic and used almost every technique I know of and taught me some new ones (but could brush up on which fences are electrified and which aren't... ) and even hit up the Crowsnest with hawgstoppah who would probably out fish me blindfolded with his arms tied behind his back. Seriously, all the trips were great, good people but let's not forget the even better cause this is for... Does anyone know if any trips to some of Calgary's community lakes going to make the list this year? It would be a nice way to take the edge off during runoff... Quote
adc Posted March 28, 2010 Posted March 28, 2010 Awesome job Rick!!.........Thanks for doing this and thanks to FFC for letting us use the Board for this worthy cause..........Also, to the donors and bidders, thank you so much for your generous support...........Keep it coming!! :) :) Al...... Quote
bigbowtrout Posted March 29, 2010 Posted March 29, 2010 Nets... Chris/Rick... How many nets are available and what size? Also is there a minimum bid? P Here are the nets sizes and I know they are selling in NZ for over $200.00 The net dimensions for both styles are: Oval shape total length including handle: 30 in. opening length: 19 in. opening width: 9 in. Wide head shape Total length including handle: 28.5 in. opening length:17.5 in. opening at head: 9 in. opening 3 in. from throat is 7 in. Quote
reevesr1 Posted March 29, 2010 Author Posted March 29, 2010 New Item! Fishing at Lake Bonavista, item 15. And stay tuned, there are several great new items to come mid week!! Quote
reevesr1 Posted April 1, 2010 Author Posted April 1, 2010 Several new items on the auction page. Check them out! And the Elk River Float Trip closes tonite! Quote
PaleMorningDunce Posted April 3, 2010 Posted April 3, 2010 Hey Rick, Do you know how many anglers can be accommodated on item #17? Cheers, Ben Quote
fishpro Posted April 3, 2010 Posted April 3, 2010 Hey Rick, Do you know how many anglers can be accommodated on item #17? Cheers, Ben I contacted Kelsey about the trip, the trip is for two anglers unless you choose the quad-in trip, in which case it is only for one person, unless you have your own quad for another person. Quote
reevesr1 Posted April 11, 2010 Author Posted April 11, 2010 New item today, a Loop AEG 5 wt 9 ft rod paired with a Loop Multi 3/6! Happy bidding! Quote
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