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Can my purchase of a round for local golf tournament fundraiser in 2018 tax deductible?

A local soccer club holds an annual golf tournament fundraiser. Planning ahead,on my 2018 taxes, can I deduct the $450 fee to sponsor a team? Does the soccer club need to be designated a 501c? What paperwork is required for my taxes?

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2 Replies

Can my purchase of a round for local golf tournament fundraiser in 2018 tax deductible?

1. The donation has to be to a registered exempt organization.  They should tell you, or you can look here https://www.irs.gov/charities-non-profits/exempt-organizations-select-check

2. The value of the donation is only the amount that is above the fair market value of any benefits you get (round of golf, banquet, etc.)

3. The organization must give you a receipt for any donation over $75 that lists the amount of the gift, the fair market value of any benefits, and the remaining deductible value.

Can my purchase of a round for local golf tournament fundraiser in 2018 tax deductible?

If you didn't attend the event or participate in it  and  this got you some kind of recognition for  your company  then it could be an advertising expense instead of a donation.
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