How do I count sponsoring an event if I was partially paid for it? I only charged part of my fee and was listed as a sponsor for the event for the rest of the fee?

Forum|Forum|4 years ago
February 25, 2022
4 replies
46 views

If my live streaming cost was $3750 and I sponsored the event at the $1000 level and only invoiced them $2750, how or do I account for the difference?

TurboTax Self Employed Online

MaryK4

Level 15

Can you clarify if this was a charitable sponsorship or other type? @dan143

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dan143Author

Level 2

Yes, I believe. It was for a non-profit organization and my logo was added as one of the sponsors for the event.

SSM0003

Level 2

The $1k is an inkind donation. If you want to be on the up and up, you should bill them the entire amount and note a credit on your invoice of $1k for the sponsorship, thereby reducing the amount they owe you. They should in turn issue you a letter for the donation like they do for other donors and they should note it on their books. Otherwise, you can just invoice them for the net they owe you since that is, in the end, the taxable transaction.