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Quite by accident & thinking I was purchasing something completely different, I won a government auction and acquired at minimal cost a HUGE jet aircraft refueler(KC-135)test set for testing the ship's hydraulic and computer systems. Now I have absolutely no use for this gear, & the active military doesn't want it back, even though it's in A1 condition. Come to find out, the local air museum here in Denver, "Wings Over the Rockies" can use it in one of their big KC-135 cockpit floor displays, so I was going to donate the equipment to the museum, but I don't know how, and they're not sure either since I got it through a government auction. My main concerns are what paperwork to use, how to submit the reciepts, and how to claim it on my taxes. The government documents I received with it acknowledge the unit's cost at a staggering $113,000.00, but I only paid $500.00 for the unit in the auction. I haven't a clue how to handle this....HELP!?
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Re: Weird donation situation........
You can only claim your cost - $500 - for the donation. If the museum is a qualified tax exempt museum, get a receipt form them for the refueler and deduct it on your itemized schedule A on the next tax return.
Try selling it on ebay. -
Re: Weird donation situation........
great use of taxpayer money. spend $113,000, get $500 in return.Comment
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Re: Weird donation situation........
Your accountant, if you have one, will surely be a help here.Comment
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Re: Weird donation situation........
Yep, Moneyrant, that's exactly why I tried to give it back to the military.....seemed kinda stupid to me, too.
PS- LOL....accountant......hhmmmmm, maybe one day.Comment
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Re: Weird donation situation........
K, honest not laughing at you here, just LAUGHING because this is SOOOOOOOOO something that my husband would do! (No wonder I don't let him near the computer!) However hubby would INSIST in dragging it home! This is the man who can spot a "bargain" from a thousand yards, the things he's drug home are endless and scary! We also have 82 acres and several barns that he can hide his finds in. Hmm, maybe he DOES have one of these already.
Seriously though, I'm glad you have found a group that will accept it as a donation, and yes the deductable amount for you is the price you purchased it for.
KJComment
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Re: Weird donation situation........
Yea, I've already talked to the museum, which is run by the Air Force and the Feds partially, so I guess it'll actually be getting back to the military one way 'r the 'tothern.....FLOL! By any chance does your hubby have a functioning Ruger #1 Tropical in them barns of his?!
One other funny note on this fiasco.......in my naivety, I showed up to transport the unbeknownst unit in my then Ford Explorer!!!! It almost didn't fit even with the seats down, and me scrunched up against the steering wheel; I played heck getting it out of the back with just me, myself and I!Comment
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Re: Weird donation situation........
Hmmm, what does a Ruger #1 Tropical look like? You never know what he'll have out there. I do know that at the moment there is a cell phone tower beacon light in the garage and it works, he thought he'd be funny one day and turn it on, I was in the barn doing chores and saw this red glow at the house, thought it was on fire at first!
Yes, I live with a very very unique man!
kjComment
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Re: Weird donation situation........
LOL!!! Oh, he wouldn't have a civilian rifle like that from a gov auction, I was just kidding. Yea, those beacon lights are great for getting garage sales noticed! Instead of a "blue-light" special, ya'll could have a red-hot "beacon-light" sale!!!!Comment
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Re: Weird donation situation........
Originally posted by frugalfarmwife
Thanks for the giggle, that was funny.Comment
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