How-to: Add ‘Fair Market Value’ to Auction Winners' Receipts
Turn Auction winners' receipts into tax receipts by adding the fair market value to each Auction item.
Fair market value (FMV) is the price an item would sell for in the open market. When bidding on Auction items, people often pay more than the fair market value for an item because the proceeds go to a charitable cause. Only the amount paid above FMV is considered tax-deductible.
Adding the FMV to your Auction items either before or during your Auction can help you save time in the long run, since you won't need to issue tax receipts to winners. All winners receive an email receipt when the Auction ends, and if you’ve already designated the FMV for each item, this email acts as a tax receipt.
Add Fair Market Value
- Select Experiences from the left menu.
- If you have chosen a list view, click on the Experience title. If you have chosen a grid view, click on the Experience image.
- Select Edit Experience.
- Select Auction from the timeline at the top.
- Select CREATE AN ITEM or select the pencil icon on an existing item.
- Scroll down to Tax receipt options, check the box next to The fair market value of this item is, and enter the FMV amount:
- Select SAVE.
Good to Know
- Auctions are available with Unlimited and Custom pricing: Understand: RallyUp Pricing Options.
- If a donor loses their receipt, you can resend it anytime: How-to: View and Resend Receipts.
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