Login required to started new threads

Login required to post replies

Blue Devil Iron Distance
Quote | Reply
Please indulge me once again as I encourage people to consider this race.

I was reminded this past week about the race as I received my official notice of the portion of the entry fee that is eligible to claim as a tax deductible contribution: all but 25.00. So, if you choose not to raise money to essentially pay your entry fee for you, the money you pay for the entry fee is tax deductible (if you itemize) on your income taxes. It's the best deal for an Iron Distance race that I've ever heard as far as expense. Run support and spectator accomodations are great, too!

I'll not bring up this race more than a two more times between now and October, unless it fills up, whereas I won't bring it up at all after that. I hope that doesn't insult the sensibilities of too many people on this forum.

I'm not associated with the race, nor the cancer society, nor any other aspect of the race in any way...with the exception that I have had cancer, and I have done the race.



Quid quid latine dictum sit altum videtur
(That which is said in Latin sounds profound)
Quote Reply
Re: Blue Devil Iron Distance [Titan] [ In reply to ]
Quote | Reply
http://www.set-upinc.com/dukebluedevil/

____________________________________________________________
"I'm happy when life's good,
and when it's bad I cry.
I've got values but I don't know how or why."
- The Who
Quote Reply
Re: Blue Devil Iron Distance [ironcouple] [ In reply to ]
Quote | Reply
Thanks for providing the link, I should have thought of that!



Quid quid latine dictum sit altum videtur
(That which is said in Latin sounds profound)
Quote Reply
Re: Blue Devil Iron Distance [Titan] [ In reply to ]
Quote | Reply
The race is a good one, the charity is worthwhile, but I believe the tax related information may be incorrect.

Unless the fair market value of the entry is $25, you are making a Quid Pro Quo contribution since you are receiving something of value in return for your "donation".

If another party contributes to your required entry level donation, they do not receive anything of value in return and their contribution is allowable subject to income and other limitations.

The receipts that are being issued by the organization are being sent to the contributors not to the participants. Where the contributor and participant are one in the same, a notice of full disclosure should be sent.

If you are going to report this entry fee / donation on your Federal Form 1040 Schedule A you might want to request a statement of disclosure from the organizers explaining that you are the participant and the donor and requesting clarification. Find out if the organizers have an opinion from the IRS to support the entry fee/donation deductibility. Or consult your professional tax advisor.

If you find out that your donation should not be deducted in full you could probably claim it anyway and "get away with it". Just like drafting and doping.

Note: I am not and do not want to appear to express a professional opinion on this since I am only questioning the information in the posting. I wish the poster nothing but the best and am glad that they are supporting a good cause.


Quote Reply
Re: Blue Devil Iron Distance [d2p] [ In reply to ]
Quote | Reply
d2p wrote: If another party contributes to your required entry level donation, they do not receive anything of value in return and their contribution is allowable subject to income and other limitations.


Oh, sure, if you go the route of raising the money to pay for the entry fee, you aren't entitled to any of the tax deductibility of that portion. IF you paid for the entry fee out of your pocket, you are entitled to the tax deduction of the entry fee minus 25.00. The receipt for the tax deduction even reminds the person that 25.00 of the entry fee is not tax deductible.

Also good advice to request substantiating paperwork. Also good advice to say you aren't giving tax advice....neither am I!



Quid quid latine dictum sit altum videtur
(That which is said in Latin sounds profound)
Quote Reply