1hr Consult With Dn

[eYank 0]

Im not an accountant obviouslly but I wonder if theres a way you could write this off?

[Balloon guy 158]

$801

[Janfor99 0]

nh lostleader :)very cool of both yourself and DN (and the winning bidder)

[SAM_Hard8 50]

Im not an accountant obviouslly but I wonder if theres a way you could write this off?

Charity!~

[ThePhoenix88 0]

I can't beat the current bid. Darn.

[vonteego3 0]

Clearly, this is the 2nd coolest thing I've ever seen on FCP. It'd take something pretty special to surpass my charter membership, though.

[bdc30 0]

Don't forget, even if you can't shell out the $1k plus for the phone call, you can still help out the charity, and have a chance to win some dough too. Click the sig for details....

[wildspoke 2]

$420, Bob.http://www.break.com/index/priceright420.html

[Viking145 0]

One question: If I write a check (no online transfer as I am a WA state resident and that playing poker online thing is a no-no in these parts), will you process the donation in my name (hence I get the tax receipt)?If the answer is yes, I bid $1200.

[renaedawn 1]

Im not an accountant obviouslly but I wonder if theres a way you could write this off?

I was thinking about this. I'm certainly not a tax accountant but if you got audited, couldn't you just print out this thread to prove the donation?

[bdc30 0]

One question: If I write a check (no online transfer as I am a WA state resident and that playing poker online thing is a no-no in these parts), will you process the donation in my name (hence I get the tax receipt)?If the answer is yes, I bid $1200.

Interesting, I wondered this too. It's obviously up to GWCGWC, but there are three choices I guess, since it was his prize to begin with-1) He donates the money, as it's him that gave up the prize, thus he keeps the tax receipt.2) He donates the money in the name of the winner and they get the tax receipt.3) He donates the money 50% in his name and 50% in the name of the winner, and they both get the tax receipt for half the amount.Quite honestly, I wouldn't fault him for picking any of the above three options. I think this is an awesome gesture he's made.--and don't forget to get in the pool from the sig below!!! (shameless plug)

[sandwedge 30]

Great idea Gary. You're doing a good thing here. The bids are already WAY out of my league, but I would like to donate to the charity. If it's cool with you, I'm pledging 10 percent of any/all of my tournament cashes between now and October 5th. I'll ship you the mobneys on the 5th and you can add it to the donation. In the event that I don't cash any, I'll still throw a few bucks your way. Is that ok with you?

[Balloon guy 158]

Interesting, I wondered this too. It's obviously up to GWCGWC, but there are three choices I guess, since it was his prize to begin with-1) He donates the money, as it's him that gave up the prize, thus he keeps the tax receipt.2) He donates the money in the name of the winner and they get the tax receipt.3) He donates the money 50% in his name and 50% in the name of the winner, and they both get the tax receipt for half the amount.Quite honestly, I wouldn't fault him for picking any of the above three options. I think this is an awesome gesture he's made.--and don't forget to get in the pool from the sig below!!! (shameless plug)

Im no accountant, but I get raped by the IRS often so:Charitable contributions of cash are a write off for the person's name on the check. If Gary recieves the check then writes a new one to the charity, it will be a wash as he will need to report the income from the sale of the prize.If he tries to report the value of a consultation as a charitable gift, then he must prove it's value, but once he does that he must report the prize as income therby washing out the write off again.If I donate $5,000 worth of balloon decor to a charity, I can only write off the hard cost of materials used. So I get about a $500 write off. No love for the labor etc.This is how I've had it explained to me. the only way I ever get away with anything from the IRS is when I buy a silent auction item at a fundraiser and write the check to the charity. I usually write this off and don't claim the gift as income. This would be similar to what I would do if I outbid everyone here. Write off the check, and not claim any value for the phone consultation.

[fitzinabox 0]

GWC, very classy of you. propsss

[GWCGWC 83]

One question: If I write a check (no online transfer as I am a WA state resident and that playing poker online thing is a no-no in these parts), will you process the donation in my name (hence I get the tax receipt)?If the answer is yes, I bid $1200.

I can accept a check as long as it is sent to me overnight at my address. It will be processed through my bank so there is no risk of embarrassment to myself, Full Contact Poker and Daniel if the check doesn't clear. Bob and I discussed the best way to get money to the charity in a timely fashion and the online transfer seemed like the quickest route to take. I included the check option so that we could accept all bids. He just wants to make sure it happens fast and that the payment is good. Here's the deal. This is for charity. The money is going to run through my bank acct whether it's a check from a person or from a poker site. This means I will be taking the tax receipt so there will be no tax repercussions for me. I don't want anything to hamper the likely hood of someone placing a bid. Not being able to accept your $1200 bid absolutely kills me when I think about what kind of a difference $400 would make to the House of Promise.

Great idea Gary. You're doing a good thing here. The bids are already WAY out of my league, but I would like to donate to the charity. If it's cool with you, I'm pledging 10 percent of any/all of my tournament cashes between now and October 5th. I'll ship you the mobneys on the 5th and you can add it to the donation. In the event that I don't cash any, I'll still throw a few bucks your way. Is that ok with you?

This is so very generous of you Sand. BogiePutt FTW in the wcoop ME!!!!!!!!!!!!!

[20TN40 0]

G, this is so absolutely generous of you! I wish I had the money to bid, but for now I'm in on the prop bet. Wonder if I could call in some Christmas presents early? LOL

[Viking145 0]

I think you are taking too hard a line here. It should certainly be acceptable, for example, for me to make the donation directly to the 501c and overnight you the receipt as proof of that. I understand your concerns, therefore, if you are not the middle man, those issues go away.I think I can be trusted to be good for the money, and if I blow it, you can always default to the next bidder.I think we all appreciate your efforts in coming up with this initiative, but it seems inherently fair that the tax benefits for the donation should go to the individual making the donation.

[El Guapo 8]

I can accept a check as long as it is sent to me overnight at my address. It will be processed through my bank so there is no risk of embarrassment to myself, Full Contact Poker and Daniel if the check doesn't clear. Bob and I discussed the best way to get money to the charity in a timely fashion and the online transfer seemed like the quickest route to take. I included the check option so that we could accept all bids. He just wants to make sure it happens fast and that the payment is good. Here's the deal. This is for charity. The money is going to run through my bank acct whether it's a check from a person or from a poker site. This means I will be taking the tax receipt so there will be no tax repercussions for me. I don't want anything to hamper the likely hood of someone placing a bid. Not being able to accept your $1200 bid absolutely kills me when I think about what kind of a difference $400 would make to the House of Promise. This is so very generous of you Sand. BogiePutt FTW in the wcoop ME!!!!!!!!!!!!!

I have a simple solution. If the winning bidder wants to pay by check, they can get a cashiers check made out to the charity of choice and send it to you, you can then forward on the check from you, you still get credit in the eyes of FCP and the charity and the winning bidder gets the tax right off. Win Win.

[Allie 0]

Great idea Gary. You're doing a good thing here. The bids are already WAY out of my league, but I would like to donate to the charity. If it's cool with you, I'm pledging 10 percent of any/all of my tournament cashes between now and October 5th. I'll ship you the mobneys on the 5th and you can add it to the donation. In the event that I don't cash any, I'll still throw a few bucks your way. Is that ok with you?

Look what you've started Glengary! So awesome!

[MikeJohnson724 0]

Im no accountant, but I get raped by the IRS often so:Charitable contributions of cash are a write off for the person's name on the check. If Gary recieves the check then writes a new one to the charity, it will be a wash as he will need to report the income from the sale of the prize.If he tries to report the value of a consultation as a charitable gift, then he must prove it's value, but once he does that he must report the prize as income therby washing out the write off again.If I donate $5,000 worth of balloon decor to a charity, I can only write off the hard cost of materials used. So I get about a $500 write off. No love for the labor etc.This is how I've had it explained to me. the only way I ever get away with anything from the IRS is when I buy a silent auction item at a fundraiser and write the check to the charity. I usually write this off and don't claim the gift as income. This would be similar to what I would do if I outbid everyone here. Write off the check, and not claim any value for the phone consultation.

I am an accountant, sounds like you need a better one. lololol

[AKoffsuit 0]

Totally cool thing for you to do GWC and for Daniel to agree to it. Best of luck to everyone.

[GWCGWC 83]

I think you are taking too hard a line here. It should certainly be acceptable, for example, for me to make the donation directly to the 501c and overnight you the receipt as proof of that. I understand your concerns, therefore, if you are not the middle man, those issues go away.I think I can be trusted to be good for the money, and if I blow it, you can always default to the next bidder.I think we all appreciate your efforts in coming up with this initiative, but it seems inherently fair that the tax benefits for the donation should go to the individual making the donation.

I'm sorry you feel that I'm being too rigid on this issue. I do understand where you're coming from and the only way this will work is if we keep it as simple as possible while still being able to verify payment. Bob and I spoke about the auction and he presented several issues that could make this go from being pretty great, to something not so good. He thought/thinks making a check an available form of payment verse only accepting an online transfer might create some problems. However, I want to make the auction available to people like yourself who don't keep money online.The person with the winning bid is going to receive an hour long consult with Daniel. This is what the winning bidder will be paying for. The winner will have the added benefit of knowing that whatever monies they pay for the consult will be matched by Daniel and donated to what I consider a very worthy charity. Daniel won't be making his contribution until the winning bidders funds are verified. I don't want to default to the second highest bidder. I have been very clear that the funds will be verified by my banking institution before the winning bid is official. I hope this tax issue won't deter you or anyone else from placing the winning bid. The extra $400 would truly make a difference in the operating expenses for the House of Promise. Let me say that again. The extra $400 would truly make a difference in the operating expenses for the House of Promise. One more time? The extra $400 would truly make a difference in the operating expenses for the House of Promise.

[El Guapo 8]

what is the extra $400 coming from?

[bdc30 0]

what is the extra $400 coming from?

The more mathematically inclined among us will note that the "new" potential bid is $200 higher than the current high bid, THUS, when you double that $200 when DN matches the winning amount ($200 x 2 = $400) you will find your answer.Or - Current bid = $1000 + Dn's Matching $1000 = $2000Potential bid = $1200 + Dn's Matching $1200 = $2400

[GWCGWC 83]

what is the extra $400 coming from?

Viking145 would like to place a $1200 bid contingent on him being able to get the tax receipt. Arggg LFT! This would be $200 more than the current winning bid. After being matched by Daniel, it would be a $400 increase to the donation.edit: what Bdc said with a LFT added.