Anyone ever donate t/s to silent auction?

[Carol C Senior Member Find all posts View Profile Close Carol C]

I'm thinking of donating a t/s vacation (a 7 night stay) to a non-profit for their silent auction. Has anyone ever done this? Are there risks involved? How much $ do you think a silent auction of a resort vacation can fetch? Is the donation tax deductible? Should I start off with a minimum bid to cover my expenses?

Thanks in advance for any advice!

Carol C.

[Spence Super Moderator Find all posts View Profile Close Spence]

You cannot deduct the use of a timeshare only if you are giving away the deed. Minimum bid has nothing to do with your costs/expenses, you aren't getting those back at all, maybe it just makes you feel better. I've seen weeks go for nothing and also seen them go for over $1000, it needs to be a big unit for vacation time when kids are out of school to draw any bids.

[Pit Senior Member Find all posts View Profile Close Pit]

Yes, it is tax deductible as a charitable contribution. The amount you can deduct is the winning bid (i.e. the amount the non-profit actually receives for the week), which has nothing to do with your actual costs.

The risks would be similar to renting, with the added risk that you may not get much of a deduction if the winning bid is low.

[Spence Super Moderator Find all posts View Profile Close Spence]

Yes, it is tax deductible as a charitable contribution. The amount you can deduct is the winning bid (i.e. the amount the non-profit actually receives for the week), which has nothing to do with your actual costs.

You are wrong. You may be deducting it but it's not an allowable deduction under IRS rules. Read page 8 of IRS Pub526, it's VERY specific about partial interest in property.

[Pit Senior Member Find all posts View Profile Close Pit]

You are wrong.

Ok. I stand corrected.

If you want a deduction, just rent it yourself and give the money to charity.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

I donated one time, and they put it in the live auction instead of the silent auction.

I'm assuming you have a reasonably good description so people will know what they are bidding on. IMHO, it will likely auction for more than you can rent it. Auctions are a market where people are expecting to see items such as that, and many of those are people who do not routinely check out rentals on places such as Redweek. Also, by being donated to an auction run by a respected organization, then offering has more credible than an anonymous posting at an internet web site.

Also, at auction the unit is likely to rent for more if it is check-in TBA. Again, that type of situation commonly occurs at auctions. That's a contrast to the rental market, where a listing with specific check-in dates will attract more interest (assuming the check-in date is a popular travel time).