What Are Item Values?
Auctria provides for several "values" for items. Depending on their Item Types, these values may have different uses.
For Biddable Items (Online Bidding Type, Paper Bidding Type, and Live Bidding Type), Donation Items, and For Sale Items you have the Value and Taxable Value set in their respective Pricing sections.
What Is "Value" Used For?
This is the Value of the item that could be displayed publicly. You can enter -1 to set the value as Priceless and have that reflected in the item's value listed in catalogs.
Auctria Pro-Tip from Launch Services!
When considering if you are going to display the Value of items, it should be taken into account this could cause bids to be capped at that value, although, in some cases, such as auctioning a piece of jewelry or art displaying the value may help to provide bidding. See Catalog Style for more details on this option.
IMPORTANT
Please note that the Value field, when used with For Sale Items, is the amount the item will be sold for. This amount will be displayed in catalogs.
The term Value may be considered the same as "Fair Market Value" and used similarly in most cases for items available through the event.
What Is "Taxable Value" Used For?
This field is used when the Taxable Value of the item needs to be defined as something different than the item Value. In most cases, this field can be left blank as the Taxable Value is assumed to be the item Value unless specified otherwise.
INFORMATION
In most cases, if having a "Fair Market Value"* for an item is a concern, setting the Taxable Value to the "Fair Market Value"* would be a good rule of thumb to use as your default.
Example Values: Selling Tickets
When selling Tickets through the auction website, and given the Value field is used for the price of the ticket itself, you could use the Taxable Value field to set the "Fair Market Value" of the ticket.
For example, a common case for having to provide a different Taxable Value for an item is when you are selling "Gala Tickets." If the per-ticket price is $150 and the Taxable Value of the evening is considered to be only $50 (the "Fair Market Value" of the ticket), this allows participants to claim a $100 tax deduction on the price they paid for the ticket.
In this case, you would set the ticket Value at $150, the receiptable price for the ticket purchase, and the Taxable Value at $50. The "Show tax deductible" option on the Participant Statements (see under the Statement Options section) should also be enabled for the amount of the difference of $100 per ticket to be displayed.
If the item's Value is Priceless (entered as -1), the default Taxable Value will not be shown. If you want the entire amount of the participant's bid to be tax deductible, enter -1 as the Taxable Value.
Last reviewed: June 2024