Hello, I have a question about how Bingo net income is handled for a non-profit (501(c)(3))?

[tjd22]

Hello, I have a question about how Bingo net income is handled for a non-profit (501(c)(3)). Specifically, I'm trying to determine if there's an exemption under IRC section 513(f) or any other exemption whereby we could not have to claim the Bingo income as "unrelated business taxable income".

[rjs]

This TurboTax Community deals only with questions related to the use of TurboTax software. Since TurboTax does not support filing for nonprofits, you will probably get more knowledgeable responses if you post your question in a group that focuses specifically on nonprofits.

[Anonymous_]

---

@tjd22 wrote:
....if there's an exemption under IRC section 513(f) or any other exemption whereby we could not have to claim the Bingo income as "unrelated business taxable income".

---

501(c)(3) organizations require legal counsel and tax professionals. The rules and reporting requirements can be complex.

Otherwise, the publication at the link below should provide a general answer to your question. 

See https://www.irs.gov/pub/irs-pdf/p3079.pdf

[note that if gaming is not a trade or business, the income is not UBTI]

[Mike9241]

here is iRS guidance on the matter 

https://www.irs.gov/charities-non-profits/exclusion-of-bingo-from-unrelated-business-activity#:~:tex...