Jackrabbit Auction

[SDSUAlum08]

I noticed the Jackrabbit auction items online today. There's lots of good stuff to bid on and I encourage all to bid on at least one thing.

Anyone know how this works on your taxes? Can you write anything off?

[Nidaros]

Re: Jackrabbit Auction

I noticed the Jackrabbit auction items online today. There's lots of good stuff to bid on and I encourage all to bid on at least one thing.

Anyone know how this works on your taxes? Can you write anything off?

The difference between what you paid and the value of the item bought would be deductible as a charitable contribution. You have to have at least $6,100 of other itemized deductions such as Mortgage Interest, property taxes to make this work. The $6,100 is the standard deduction for a single taxpayer, and $12,200 if filing married jointly. This is a short answer to a complex question. Also if you are season ticket holder, then only 80% of the amount would be deductible. The NCAA got a ruling on this some years back and that's what the IRS determined to be a fair amount if you get some thing in return such as priority seating and parking. It sucks, I know.

[JackJD]

Re: Jackrabbit Auction

More than $500,000 raised at last year's auction.

[jackmd]

Re: Jackrabbit Auction

The difference between what you paid and the value of the item bought would be deductible as a charitable contribution. You have to have at least $6,100 of other itemized deductions such as Mortgage Interest, property taxes to make this work. The $6,100 is the standard deduction for a single taxpayer, and $12,200 if filing married jointly. This is a short answer to a complex question. Also if you are season ticket holder, then only 80% of the amount would be deductible. The NCAA got a ruling on this some years back and that's what the IRS determined to be a fair amount if you get some thing in return such as priority seating and parking. It sucks, I know.

It does suck and it makes giving money through auctions or other ways less beneficial than giving it to other charities or organizations.

[Nidaros]

Re: Jackrabbit Auction

It does suck and it makes giving money through auctions or other ways less beneficial than giving it to other charities or organizations.

You got, that's why Doctors Without Boarders usually gets a significant contribution on Dec. 31.

[UWMandSDSU]

Re: Jackrabbit Auction

Has anyone here gone to this in the past? Company I work for offered me tickets to go. Wondering if it is fun event, what is the dress attire, etc. Any info is greatly appreciated.

[Nidaros]

Re: Jackrabbit Auction

Has anyone here gone to this in the past? Company I work for offered me tickets to go. Wondering if it is fun event, what is the dress attire, etc. Any info is greatly appreciated.

Its been a few years, but the dress is casual as I recall. You don't need a tuxedo, I am certain of that. They have bunch of stuff sold on a silent basis and then the big things like trips to Carribian are sold by an auctioneer. Its a good way to socialize with old and new acquaintances. I haven't been to one since Justin Sell became AD, so he might have changed how things are being sold and so forth. That's about all I can tell you. I would go and check it out. You are not committed to buying anything, but if you are like me and auctions, you do end of buying something.

[Rabbit74]

Re: Jackrabbit Auction

Any reports for those of us unable to attend?

[UWMandSDSU]

Re: Jackrabbit Auction

Any reports for those of us unable to attend?

$510,000 raised.

Link to all the items and what they went for: https://myab.co/events/cj/i/_All/

[OldHare]

Re: Jackrabbit Auction

This was an excellent event to visit with athletes from most of the teams. It is a great group of student athletes.