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Yes, purchasing a table at a nonprofit gala can be considered a charitable contribution, but there's a catch. The IRS only allows you to deduct the amount that exceeds the fair market value of the benefits you receive. So, if you buy a table for $1,000 and the fair market value of the meal and entertainment you receive is $200, you can only deduct $800. The nonprofit should provide you with a written acknowledgment stating the value of the benefits you received. This is important to keep for your records in case of an audit.
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