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Post by sagebrush on Dec 21, 2017 11:09:36 GMT -8
Just got an email from the AD office that donations will not be tax deductible next year so consider getting them done by Dec 31. Good advice.
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Post by osufan2k on Dec 21, 2017 11:10:48 GMT -8
MAGA
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Post by baseba1111 on Dec 21, 2017 13:05:31 GMT -8
They are deductible if they are a donation... no season tickets involved OR the portion above the amount required for the seat location.
Hence, if you are seated in a non-BASF section, any donation is tax deductible... $200 BASF section, the amount donated above $200 is deductible... depending of course on your individual tax situation.
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Post by green85 on Dec 21, 2017 13:22:18 GMT -8
They are deductible if they are a donation... no season tickets involved OR the portion above the amount required for the seat location. Hence, if you are seated in a non-BASF section, any donation is tax deductible... $200 BASF section, the amount donated above $200 is deductible... depending of course on your individual tax situation. I believe the opening post is referring to the change in tax code that will basically eliminate the need for Itemized Deductions on Form 1040 for many folks. This is due to the increase in the Standard Deduction. For my family, I always benefited from itemizing compared to the Standard Deduction - but not by two times the amount. Charitable contributions (e.g. donations), are part of itemizing on Schedule A of Form 1040. If you don't itemize, you don't get the line item amount of the charitable donations - that is already included in the new Standard Deduction. So, technically you won't get the tax benefit of a BASF donation unless you are in a situation where your itemized deductions are greater than the new Standard Deduction. |
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Post by kersting13 on Dec 21, 2017 14:01:32 GMT -8
They are deductible if they are a donation... no season tickets involved OR the portion above the amount required for the seat location. Hence, if you are seated in a non-BASF section, any donation is tax deductible... $200 BASF section, the amount donated above $200 is deductible... depending of course on your individual tax situation. I believe the opening post is referring to the change in tax code that will basically eliminate the need for Itemized Deductions on Form 1040 for many folks. This is due to the increase in the Standard Deduction. For my family, I always benefited from itemizing compared to the Standard Deduction - but not by two times the amount. Charitable contributions (e.g. donations), are part of itemizing on Schedule A of Form 1040. If you don't itemize, you don't get the line item amount of the charitable donations - that is already included in the new Standard Deduction. So, technically you won't get the tax benefit of a BASF donation unless you are in a situation where your itemized deductions are greater than the new Standard Deduction. It is both. It will be harder for people to reach the threshold for itemizing AND the old 80% of required seat donations are no longer deductible. SaveSave |
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