In years past, I could deduct 80% of my contribution to the college athletic fund even though I gained access to seats and priority level associated with seating and parking.
With the new law, I had understood that the seat guarantee (provide $X for right to buy seat) and maybe the the parking guarantee (same) would be excluded.
However because points are awarded, it sounds like I may not be eligible to deduct any of my contribution. Is that the case? I thought the IRS was supposed to make a clarifying statement, but I have not seen any information on searches on their page.
You are correct that this donation is no longer deductible.
The law clearly states that, “no charitable deduction will be allowed for any amount” of these contributions.
Seating contributions can no longer be deducted.IRS has been slow to issue guidance on all the changes with the new tax law, so this provision could change as many colleges are not please with this.
You are correct that this donation is no longer deductible.
The law clearly states that, “no charitable deduction will be allowed for any amount” of these contributions.
Seating contributions can no longer be deducted.