This is incorrect. You can only write off the difference between what you paid and the FMV, so in 2011, Nike's documentation provided that the MSRP (FMV) was $1,000. Accordingly, if you had bid $5,000, you could only write off $4,000. It's the same concept with any charitable donation - the...
Great letter. Loved the BTTF reference that "you can do anything if you put your mind to it." I can't imagine how emotional that must have been for MJF to read - it's really so sad to see him suffering with this disease, but hopefully stuff like this brings him, and others with the disease...
You can only write-off the excess of what you paid over the fair market value of the shoes. So if the MSRP (or whatever value Nike lists a document they provide to you) was $1,000 and you paid $5,000, you could write-off $4,000.
Never joined NT but been following the boards for years, and this thread in particular since it started. I'm a massive BTTF fan and missed out on the 2011 pairs, but the 2011 release is what got me into sneakers. I literally didn't even know Nike was releasing Retro Jordans before the 2011...