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Shaun is a huge college football fan. In the past, he has…

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Shaun is a huge college...
Shaun is a huge college football fan. In the past, he has always bought football tickets on the street from ticket scalpers. This year, he decided to join the university's ticket program, which requires a $2,000 contribution to the university for the “right” to purchase tickets. Shaun will then pay $400 per season ticket. Shaun understands that the price paid for the season tickets is not tax deductible as a charitable contribution. However, contributions to a university are typically tax deductible.
Submitted: 8 months ago.Category: Tax
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9/21/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Here's the skinny on donations to a university. If you're getting something in return for that donation, that reduces the value of the donation. SEE BELOW:

---------------------

Selfless Giving

If you get something in return for your donation, that counts against your write-off. For example, if you spend $1,000 to attend a fund-raising alumni dinner at a $100-a-plate restaurant, you'd only deduct $900. Likewise, if the college says thank you for a donation with skybox seats at the big game, you have to subtract the value of the tickets from your deduction. If your donation earns you only the option to buy a ticket, you can can write off 80 percent of your donation.

REFERENCE SOURCE:

http://budgeting.thenest.com/tax-deductions-donating-university-26367.html

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