Ticket Donation Tax Question

[EganSoccerWords]

So I am one of those suckers that now has Ecuador Haiti Copa America tickets. If I can't get face value on stub hub for the tickets, if I donate them to a tax exempt orgnization, I can write off face value donation on my taxes for next year? Does that make sense?

 

[LionNYC]

Where are the lawyers on the forums? Any accountants?

 

[joe]

It's basically an in-kind donation, but I'd think the issue would be finding a tax exempt organization who'd give you a receipt. Copa rules prohibit using the tickets for fundraising, so it's not like the organization could auction them off.

(http://www.ca2016.com/ticketing-guide-faq)

 

[Ulrich]

Talk to your accountant to verify, but this is a good set of cliffs notes:

http://www.ehow.com/info_12034895_can-sports-tickets-donated-charity-tax-deductible.html

 

[Tom in Fairfield CT]

You'd likely have to sell them at less than 20% of face value to make using them for a tax write off worth it.

 

[EganSoccerWords]

It's basically an in-kind donation, but I'd think the issue would be finding a tax exempt organization who'd give you a receipt. Copa rules prohibit using the tickets for fundraising, so it's not like the organization could auction them off.

(http://www.ca2016.com/ticketing-guide-faq)

I would give it to my school. We have fake dollars that students give for positive behavior. I would hope that some Haitian or Ecuadorian student would want to see the game.

 

[EganSoccerWords]

You'd likely have to sell them at less than 20% of face value to make using them for a tax write off worth it.

Why less than 20%?

 

[NYCFC_Dan]

Why less than 20%?

He's saying that donations don't affect your taxes much. You have to have more than 5,000 in deductions for them to have an affect.
So even if you sold them for 20% of the cost it would still be more profitable than writing them off and going through that trouble.

 

[NYCFC_Dan]

I had $2k in cash donations last year with proof and it didn't change it a dime.

 

[Ulrich]

I had $2k in cash donations last year with proof and it didn't change it a dime.

huh? you asked for and received receipts when giving money on the subway?

 

[NYCFC_Dan]

huh? you asked for and received receipts when giving money on the subway?

Haha no I donate through work, United Way.

 

[Ulrich]

Haha no I donate through work, United Way.

That's not exactly giving "cash"...... I had an image of you giving to the homeless or a street musician and asking, "Take plastic? No, OK no worries.... here ya go, can I get a receipt?"

 

[EganSoccerWords]

He's saying that donations don't affect your taxes much. You have to have more than 5,000 in deductions for them to have an affect.
So even if you sold them for 20% of the cost it would still be more profitable than writing them off and going through that trouble.

Ah ok thanks to you both

 

[Ulrich]

He's saying that donations don't affect your taxes much. You have to have more than 5,000 in deductions for them to have an affect.
So even if you sold them for 20% of the cost it would still be more profitable than writing them off and going through that trouble.

Yeah, but who's to say he isn't donating (4) $1500 seats

 

[NYCFC_Dan]

Yeah, but who's to say he isn't donating (4) $1500 seats

Haiti or not I'd sit in those damn seats if they were that expensive lol.

 

[FredMertz]

I had $2k in cash donations last year with proof and it didn't change it a dime.

How can your taxes be the same with $2000 in charitable deductions and without? There's no phaseout for charitable deductions and they aren't subject to the AMT.

 

[NYCFC_Dan]

How can your taxes be the same with $2000 in charitable deductions and without? There's no phaseout for charitable deductions and they aren't subject to the AMT.

Pretty sure there has to be 5,450 in itemized deductions for it to have an effect. Otherwise it's better to take a standard deduction rather than itemizing. I only have my charitable contributions thus I take a standard deduction. Otherwise I'd have to owe taxes whereas now I work on breaking even every year.

 

[Ulrich]

Pretty sure there has to be 5,450 in itemized deductions for it to have an effect. Otherwise it's better to take a standard deduction rather than itemizing. I only have my charitable contributions thus I take a standard deduction. Otherwise I'd have to owe taxes whereas now I work on breaking even every year.

This is where buying a house helps out more than the car Just saying....

But seriously, (not an accountant so ask yours), since Florida does not have a Sate Income Tax, you can deduct your sales tax for the year on your Federal Taxes. This would be a bitch to keep track of (gotta store every receipt), but you may be better off than taking the standard deduction once it's all added up.

 

[NYCFC_Dan]

This is where buying a house helps out more than the car Just saying....

But seriously, (not an accountant so ask yours), since Florida does not have a Sate Income Tax, you can deduct your sales tax for the year on your Federal Taxes. This would be a bitch to keep track of (gotta store every receipt), but you may be better off than taking the standard deduction once it's all added up.

Haha true. Got me there.
Yeah I don't make a lot of purchases. Just gas and food. Can't see the sales tax there adding up to over $3k.

 

[Tom in Fairfield CT]

Even if you itemize and can deduct the tickets it doesn't make sense. On a rudimentary level, say you paid 1000 bucks for the tickets. Donating tickets does not mean you save 1000 on your taxes. It means 1000 does not count as income, so you save whatever your tax rate is on the tickets. So if you are in a 20% tax rate bracket, you would save 200 on your taxes. ergo, selling them for 250 dollars would be better than donating them. This is only financially speaking, if you want to donate them to help kids, that is an entirely different consideration.