Tax expert reveals tax breaks related to ticket expenses and donations for college sporting events, and possible changes to the policy.
Traverse City, MI -- (SBWIRE) -- 09/07/2016 -- Frank Ellis, a tax preparation expert from Traverse City, Michigan, has revealed deductions breaks that are available to taxpayers for college sporting events. While President Obama's 2015 budget included a proposal to end this, the author says that college sports fans can still deduct about 80% of the cost of donations made to get seats at such venues. Other aspects of the budget plan are revealed.
The aim is to save hundreds of millions of dollars, Ellis says. He also suggests ending this tax deduction would hurt many sports programs' revenue. The tax benefit is used by colleges across the country to generate revenue. Setting prices for season tickets and requesting donations are just a couple of examples mentioned. College fans can claim expenses as charitable deductions, when filing their tax return, and fans are often required to make donations in order to buy tickets at universities.
As the article moves forward, examples of the revenues brought in by season tickets and donations are provided. These highlight the gains that specific universities see, such as the University of Louisville, University of Washington, and Duke University. Individual policies are highlighted, and how getting a deduction for such a contribution works.
The author also highlights a proposal in the budget that prohibits tax-exempt debt from being used to fund sports facilities. This applies especially to communities financing new or improved arenas and stadiums. To learn more about the proposed changes and how donations and tax deductions impact the college sporting industry, go to http://nationaltaxreports.com/tax-breaks-for-sports-tickets/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
National Tax Reports
945 East 8th Street Suite A
Traverse City, Michigan 49686