New Tax Bill could affect season tickets, donations

[CrossCyed]

Be interesting to see how this will affect donations and ticket sales, if at all. It's a completely different argument if that stuff should be deductible, but it may not be in the future. Feel free to move this to the cave if need be. I would assume this would affect ISU the same as places like FSU, etc.

 

[Cycsk]

I hadn't thought about this implication, but it makes sense. Wonder if Iowa State will make an end-of-year push.

 

[FerShizzle]

Charites in general will see donations drop off significantly.

 

[FerShizzle]

Why should it be tax deductible in the first place?

At the end of the day the money is to get sporting tickets.

donation to a non-profit and state run school.

 

[isufbcurt]

Charites in general will see donations drop off significantly.

Exactly!!!

I take my no longer needed clothes to Goodwill to get a charitable deduction. If I no longer am itemizing then I have no reason to drive them to goodwill, I can just take them out to my shop and use them as rags.

 

[ArgentCy]

Why should it be tax deductible in the first place?

At the end of the day the money is to get sporting tickets.

Because large corporations like tax breaks / free perks and the Universities of course liked the revenue. But I thought all these rich donors were supposed to be getting more breaks?

 

[isufbcurt]

Because large corporations like tax breaks / free perks and the Universities of course liked the revenue. But I thought all these rich donors were supposed to be getting more breaks?

Large Corporations and business don't count these as charitable donations, they count it was advertising and will continue to do so. It's the individual's making their Cyclone Club donation's that this affects.

 

[knowlesjam]

I would think this would only impact the "big donor" areas like the Jack Trice club and lower level men's basketball seats where you need to drop $12,500 per year. Most other areas are pretty inexpensive...example...to get SEZ tickets, it requires a minimum $500 donation. Most folks will bat an eye if the $500 donation isn't deductible.

Now Nebby, where most seats in the stadium are fairly high donation charges...they may have issues.

 

[throwittoblythe]

Exactly!!!

I take my no longer needed clothes to Goodwill to get a charitable deduction. If I no longer am itemizing then I have no reason to drive them to goodwill, I can just take them out to my shop and use them as rags.

I'm personally against the tax bill, but it won't change my donations. I view the tax breaks as a nice side perk, but not my motivation for donating.

 

[canker2323]

Charites in general will see donations drop off significantly.

Why would donations to charities be affected?

I haven't been paying too close attention to these things lately but the image in the original post says:

bills proposing to eliminate the deductibility of contributions associated with ticket purchases to college athletics events.

 

[isufbcurt]

I'm personally against the tax bill, but it won't change my donations. I view the tax breaks as a nice side perk, but not my motivation for donating.

I understand that. I view donations as a good way of increasing my itemized deductions and a helping a cause I somewhat care about. If I am not itemizing then there is not benefit to me so I will most likely not donate.

 

[isufbcurt]

Why would donations to charities be affected?

If a individual is not going to be getting a benefit from the donation due to not itemizing because of the doubled standard deduction they may be less likely to donate.

 

[canker2323]

Exactly!!!

I take my no longer needed clothes to Goodwill to get a charitable deduction. If I no longer am itemizing then I have no reason to drive them to goodwill, I can just take them out to my shop and use them as rags.

I donate to goodwill to get clothes I don't wear out of my place and hopefully help someone less fortunate.

I also donate to charities to help people. The tax implication doesn't affect my decision to do so.

 

[Bader]

Why would donations to charities be affected?

I haven't been paying too close attention to these things lately but the image in the original post says:

bills proposing to eliminate the deductibility of contributions associated with ticket purchases to college athletics events.

The argument being that doubling the standard deduction will significantly reduce the number of people who itemize, which will reduce an incentive to donate to charities

 

[canker2323]

The argument being that doubling the standard deduction will significantly reduce the number of people who itemize, which will reduce an incentive to donate to charities

I get that.

The original post is about being able to deduct from your taxes the donations for ticket purchases, not for donating to charities. I don't think ticket purchases are charities.

I also said I haven't been paying too close attention to all the details in the bill.

 

[Freebird]

I donate to goodwill to get clothes I don't wear out of my place and hopefully help someone less fortunate.

I also donate to charities to help people. The tax implication doesn't affect my decision to do so.

Good for you. Unfortunately not everyone is as altruistic. This bill will have an overall negative affect on charitable contributions.

 

[KnappShack]

I hadn't thought about this implication, but it makes sense. Wonder if Iowa State will make an end-of-year push.

We had a meeting yesterday with folks who are much more tuned in and way more intelligent than this small town Iowa boy

There will be a tremendous amount of unintended consequences with this bill. Behaviors of our largest financial institutions could change in ways we really won't know until it happens.

So let's not talk about the bill and just ram that ****** home

 

[Bader]

I get that.

The original post is about being able to deduct from your taxes the donations for ticket purchases, not for donating to charities. I don't think ticket purchases are charities.

I also said I haven't been paying too close attention to all the details in the bill.

I'm not sure why OP included ticket purchases, but you are currently able to deduct 80% of your donation to the athletic department. It is not 100% because you get a benefit from your donation, the ability to purchase tickets in reserved sections. FSU's fear, and I'm sure other schools is that losing the 80% deduction will reduce the number of donations to the school.

Along with doubling the standard deduction the tax bill includes language to remove the ability to deduct these types of donations.

 

[clone52]

Doubling the standard deduction is a shell game. The are also getting rid of personal exemptions, so its basically a wash.

 

[Doc]

Yeah, I think it's possible charities may see a bump this year and a dip next year. I itemize now, but probably won't with the new bill, so I've been thinking about doing typical donations for 2018 in this year.

That being said, I think a lot of non-profits might be really ****** cash flow wise next year if too much of this happens, so I'm not. Plus, I'm surer the government could use those extra few tax dollars