Option to retroactively update Fair Market Value (FMV) for all associated transactions
Rita Lusing
The option to automatically update the FMV for all ticket transactions with a set FMV in case it needs to be corrected.
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M
Michele Southerland
whats an FMV?
Kevin Replinger
Hi Michele Southerland!
Fair market value (optional, for verified nonprofits only) – Indicates the fair market price of the item being listed. Auction items will only show a tax-deductible amount on receipts and end-of-year statements if a Fair Market Value is provided. The tax-deductible amount is "Winning Bid Amount" minus "Fair Market Value", per IRS guidelines. This option must be enabled in Account > Tax Deductibility before it will appear in the receipts sent to donors.
K
Kerrin Meyer
It's important also to have the year-end tax deductible donation report reflect the corrected amount.