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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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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.
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