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Another FET question.Donations.
Posted by:
Fred Yarmolowicz
(---.brick101.nj.comcast.net)
Date: May 15, 2005 10:42AM
I`m going to build a rod for a fund raiser that has a silent @#$%&.Building as a hobby only I do not sell my creations.What if any legal problems may I face if I donate a rod (no writeoff involved)?Will the organization selling the rod at @#$%& be responsible for the tax??I hope the answer is simple because I really want to do this and it will mean a lot to me.. Freddwhy (Rapt-Ryte) Re: Another FET question.Donations.
Posted by:
Anonymous User
(Moderator)
Date: May 15, 2005 10:51AM
The tax is due at "the first point of sale." So technically the organization that is selling the rod is liable for the tax. That would be the first point of sale. However, it's a safe bet that few if any of the rods, flies or other tackle sold at raffles and @#$%& ever undergo any taxation. You shouldn't need to worry over it. The issue should never come up.
However, it might not be a bad idea to inform the organization that is selling this and other items, that they may wish to look into their own tax liability in such instances just for future reference. Again, I doubt they'd ever have any problems, but it is the responsibility of anyone selling such items to be aware of any possible tax liability. .................... Re: Another FET question.Donations.
Posted by:
Fred Yarmolowicz
(---.brick101.nj.comcast.net)
Date: May 15, 2005 05:37PM
Thanks Tom,Just as I thought.I`ll procede with the build.There is also fishing trip at the silent @#$%& and the rod rod may also be added to that as a bonus(I hope not though I would like to know what it brings). Freddwhy (Rapt-Ryte) Re: Another FET question.Donations.
Posted by:
Anonymous User
(Moderator)
Date: May 15, 2005 05:51PM
In the event that the rod does not bring as much as you think it should, be advised that such is pretty common with custom rods @#$%& off at fund raisers. Most of the public has little idea what a good custom should sell for and unless you're very well known by those in attendance, the rod may not bring much action. I hope it sells for 3 times what you would normally sell it for, but in the event that it doesn't, just remember it's not the rod's fault - just a pretty common occurence at these type events where custom rods are concerned.
.......... Re: Another FET question.Donations.
Posted by:
Fred Yarmolowicz
(---.brick101.nj.comcast.net)
Date: May 16, 2005 06:18AM
Tom ,no matter what it brings I`ll be happy.There will be more than a few anglers at the function that know and envy my work,however being that I dont do rods for sale they were shut out.I`m hoping this plays in my favor.I always approach charity @#$%& with the thought that it si the thought that counts.Thanks for the input ,as always you were very informative. Freddwhy (Rapt-Ryte) Sorry, only registered users may post in this forum.
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