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If a charitable organization offers a lifetime membership,

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which would otherwise not be...
If a charitable organization offers a lifetime membership, which would otherwise not be deductible because related current and future tangible benefits approximate the cost, is any part of the membership paid in year one deductible if the membership is given up in year four?
Submitted: 5 months ago.Category: Tax
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Answered in 4 minutes by:
8/27/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 5 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,817
Experience: 35 years tax experience, including four years at a Big 4 firm.
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I'mCustomer I'll look into this and advise.
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 5 months ago
Can you tell me about the membership?
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Customer reply replied 5 months ago

Organization is a 501 (c)(3). Membership benefits represent quarterly dinners at approximately $15 value. Annual membership costs $50. Lifetime is $500.

Tax Professional: PDtax, Certified Public Accountant (CPA) replied 5 months ago

I believe the affirmative step of donating the remaining membership back to the group is a qualifying donation of the remaining value.

Perhaps $450, or a similar value, is the present fair value you could claim as a deduction.

Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer

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