A silent auction receipt records the final purchase of an item won at auction. It includes information about the bidder, auctioneer/auction, and the item(s) won by the bidder. In a silent auction, bids are written down once, rather than announced, and the highest bidder wins the item(s). If a silent auction is promoted for charity purposes, bidders need to save silent auction receipts to substantiate tax deductions.
What to Include
- Auction name, location, date, and time;
- Auctioneer information (name, address, phone, email);
- Bidder information (name, address, phone, email);
- Description of item(s) won;
- Minimum bid amount;
- Payment method (cash, check, credit card, other);
- Receipt number;
- Signatures of both parties;
- Summary of charges:
- Amount paid,
- Quantities of items,
- Total bid,
- Tax rate,
- Total taxes due,
- Total amount due,
- Outstanding balance (if applicable), and
- Value of the item(s) per unit; and
- Transaction date.