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| *Ostroff, Fair and Company>>>United States Taxes |
If I donate to Harford County Public schools is it tax deductible? |
Give money to enter a sports event? Buy pictures that PTA profits 10%? donate supplies for a fundraiser? Buy fundraiser items that they profit 10%? Charity benefit events. If you pay a qualified organization more than fair market value for the right to attend a charity ball, banquet, show, sporting event, or other benefit event, you can deduct only the amount that is more than the value of the privileges or other benefits you receive. If there is an established charge for the event, that charge is the value of your benefit. If there is no established charge, your contribution is that part of your payment that is more than the reasonable value of the right to attend the event. Whether you use the tickets or other privileges has no effect on the amount you can deduct. However, if you return the ticket to the qualified organization for resale, you can deduct the entire amount you paid for the ticket. iIf you receive anything other than a token item for your "contribution" you can not take a deduction for it, If you purchased supplies and donated them, you claim the cost of the items purchased as a deduction Publication 526 http://www.irs.gov/pub/irs-pdf/p526.pdf... Yes, you can write off charitable contributions. See schedule A. If you donate and don't get anything in return, then it would likely be deductible as a charitable contribution. But of the examples you give, the only one that might qualify is donating supplies for a fundraiser. Entry to an event, buying pictures or other fundraiser items would not qualify. The fact that an organization profits from it doesn't make your payment tax-deductible, since you paid what was the "fair market value" of the item. |
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