Priceless & $0 FMV

In this Best Practice, we will explore how a Fair Market Value (FMV) of Priceless or $0 appears on receipts.

Priceless or $0 FMV = no tax write-off opportunity (excluding donation items)

Any Amount Greater than $0 = tax write off opportunity

IRS Gift Substantiation and Disclosure Requirements article: Click here.

For Silent, Live, Quantity, and Blind Item types there is now a 'Display as Priceless' toggle.

Under Items > Manage Items, when adding a new item this box will not be checked. Check the box or enter 0 if you want this item to display as priceless.
When uploading the Import item template if the column H (FMV) field is left blank or 0, no FMV will show on the landing page, bidding site, display cards, bid sheets, or share links.
If an FMV is entered but you choose to have the FMV show as Priceless the areas it will show as priceless are Item Share link, Auction Preview, Bidding Site, Display Cards, and Bid Sheets.
Email/Print Statements, bidder receipts, Reports bidder statements & Paid Bidder statements will still show the FMV entered. If no FMV is entered then the statements will show Priceless.

Priceless or $0 FMV Receipt

FMV Amount Greater than $0 on Receipt

Full Tax Deductible Item

Do you have an item that is not a donation item that you want the full purchase price to be deducted from the winning bidder's taxes?

Set the FMV to .01

This will prompt the system to allow the winning bid amount to be fully tax-deductible.

*if you enter the FMV as 0, this will display as priceless, which will not allow any amount to be tax-deductible. Donation items' FMV will automatically be fully tax-deductible and is not allowed to be adjusted.