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Originally Posted by MRV99
Why is he an idiot or dumbass?? He is a massively successful business man and he is worth a BILLION dollars.
700k is practically a rounding error on his net worth. This was for CHARITY and Rick does massive amounts of charity contributions every year. Some people just write a check, others GROSSLY over pay for a car in the name of charity. If you ask me it's a double win, he gets a car, charity gets a fat check.
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amen to that.. oh and the deduction on his tax return..
Quote:
Originally Posted by heart_doctor
He's better off writing a check. He can't deduct it because he got something in return. I understand the whole charity thing but the only person who can deduct is whoever donated the car. The purchaser cannot deduct from their taxes.
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http://www.irs.gov/Charities-&-Non-P...arity-Auctions
Quote:
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"Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value. The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid"
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