Taxable Value
If you are a registered charity, bidders may be eligible to claim a tax deduction for their "donations".
Show Tax Deductible
The Bidder Statements can be configured to show a Tax Deductible column for each item.
Show tax deductible is disabled by default.
By default, the Tax Deductible amount is the amount by which the bid, or purchase price, for an item exceeds its Value except for Donation Items where the full amount is always treated as fully tax receipt-able.
You can override the calculation for an item using the Taxable Value field. If set, any bid or purchase amount in excess of the "Taxable Value" is shown as tax deductible. By default, the Taxable Value field is blank (and treated as 0) which means use the item's Value.
IMPORTANT
If you set the item Taxable Value to -1, which displays as Priceless, it will be treated as fully tax deductible.
For example, if you have a gala ticket which is $200 but only $75 is tax deductible, you would create the item as a For Sale Item with a value of $200 and a "taxable value" of $125. A bidder purchasing this for $200 would see a tax deductible amount of $75 on their "bidder statement".
Also see What Is "Taxable Value" Used For? for more information.
Reviewed: January 2023