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mescanga
New Member

I purchased a lifetime membership to the Rocky Mountain Elk Foundation this year for 1500 dollars. They sent me a letter saying this is tax decutable. Is this true? And if so how would I put it on my tax returns

 
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PeterM
New Member

I purchased a lifetime membership to the Rocky Mountain Elk Foundation this year for 1500 dollars. They sent me a letter saying this is tax decutable. Is this true? And if so how would I put it on my tax returns

If you receive a benefit as a result of making a contribution to a qualified organization, you can deduct only the amount of your contribution that is more than the value of the benefit you re­ceive. Also see Contributions From Which You Benefit under Contributions You Can't Deduct, later. If you pay more than fair market value to a qualified organization for goods or services, the excess may be a charitable contribution. For the excess amount to qualify, you must pay it with the intent to make a charitable contribution.

You may be able to deduct membership fees or dues you pay to a qualified organization. However, you can de­duct only the amount that is more than the value of the benefits you receive. You can't deduct dues, fees, or assessments paid to country clubs and other social or­ganizations. They aren't qualified organization.

Once the amount of the charitable contribution is determined, follow these steps in Turbo Tax to enter the amount on to your tax return:
  • Log into your tax return.

  • Use the search box in the in the upper right hand corner, type "charitable contributions" in the search box and press enter.

  • Click the "Jump to Charitable Contributions" link that comes up.

  • Click "yes" that you had donations to charity in 2016.

  • The next screen asks about ItsDeductible, click "no" even if you did have an account.

  • The next several screen will ask you specific questions regarding your donations/contributions.




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