Fundraiser Tax Deductible?

[pigslayer]

Are the cost tax deductible?

 

[Homer]

Ask YOUR tax advisor

 

[bullskin]

This is America. Ask anyone you like.

 

[Homer]

Sure is....ask bullskin.

 

[Snoopdogg]

I'm gonna say...yesssssssss??????

 

[bullskin]

Sure is....ask bullskin.

Uh, Oh. Have I annoyed the opinion police?

 

[Rsully661]

No they are not. Just like purchases at a banquet they are not.

 

[brushcreek]

General rule is the amount paid above fair market value can be deducted - for example if you paid $2,000 for a gun that retails for $1,000. Problem comes when people try to write off amounts paid for tags at an auction - FMV is what unrelated parties are willing to pay, and if you just had an auction you just established that the FMV is your last bid.

 

[pigslayer]

Ask YOUR tax advisor

What makes you think I have a tax advisor

 

[Homer]

What makes you think I have a tax advisor

Lol....I can assure you no one here is a tax advisor......and it is a question for a tax advisor.....or just deduct it.

 

[YBO]

Deduct it. If they question it, Just tell the IRS or your state tax board that you are a Democrat. More than likely it will sit on someone's desk for 18 months and it just goes away.

 

[CAelknuts]

It depends on the fundraiser and what kind of donation or payment you’re asking about? If you could be a bit more specific, we might be able to better respond.

 

[BicsHeat]

Are the cost tax deductible?

I was fortunate to win one of the 4 Open Zone fund raiser tags. Bought one ticket $7. Beyond excited at my options and No need to worry about If deductible.

 

[DeerHunter53]

I was fortunate to win one of the 4 Open Zone fund raiser tags. Bought one ticket $7. Beyond excited at my options and No need to worry about If deductible.

I didn't know anyone actually won those tags I thought they were just a fund raiser.......Congrats which zone are you starting in?

 

[BradA]

I was fortunate to win one of the 4 Open Zone fund raiser tags. Bought one ticket $7. Beyond excited at my options and No need to worry about If deductible.

Congratulations

 

[yotebuster17]

I’ve bought a few tags at events, every one has had a receipt showing the amount of the donation as the amount I paid minus the state tag fee (which is the fair market value). So essentially anything over what the tag costs from the state is a donation. My accountant agreed and was cool with it.

 

[BicsHeat]

I didn't know anyone actually won those tags I thought they were just a fund raiser.......Congrats which zone are you starting in?

Still up in the air. caught me off guard winning that tag. Doing research now and talking with guides too. I know I'll be busy.