Deductable Race Fee??

Only part of the race fee would be deductible since you
derive some benefit from the event. At things like dinners,
you are given a receipt that tells the value of the meal
and what part of the fee is deductible. I have yet to see a
race do this.

Unless you are spending a lot on races, I doubt it would
make much of an impact on one's taxes.

"J.A.M." <[email hidden]> wrote in message
"]news:[email hidden]...

Quoted message said:

Just wondering in these times of taxes, does anyone deduct
the fee they

pay

Quoted message said:

for a race if the money goes to a non-profit organization?
I dont, but was thinking I might if others did. After all
they do add up.

comments?

Jim

J.A.M. said:

Just wondering in these times of taxes, does anyone deduct
the fee they pay for a race if the money goes to a non-
profit organization? I dont, but was thinking I might if
others did. After all they do add up.

This sounds iffy. Consult with a tax expert before you leap
into audit heaven. A more orthodox path would have you
getting a note from your doctor saying you need to exercise
for your health--no, duh, doesn't everybody?--which then
makes any health club costs and perhaps exercise equipment,
such as running shoes, deductible. Again, consult with a tax
expert before you raise the red flag.

--
ø¤º°`°º¤ø,,,,ø¤º°`°º¤ø,,,,ø¤º°`°º¤ø,,,,ø¤º°`°º¤ø¤º°`°º¤ø,,,-
,ø¤º eNo "If you can't go fast, go long." ø¤º°`°º¤ø,,,,ø¤º°-
`°º¤ø,,,,ø¤º°`°º¤ø,,,,ø¤º°`°º¤ø¤º°`°º¤ø,,,,ø¤º

Race entry fees are not tax deductible, even if payment is
made directly to a
501(c)3 (nonprofit) organization, because runners are
receiving something in return for their payment. It is
not a donation. Even if sponsorship dollars are equal
to the entire cost of the event, and you treat entry
fees as your profit, entry fees are still not
deductible, despite your bookkeeping strategy. Consult
your accountant or tax attorney before making any
claims about the deductibility of entry fees.
LEGALESE: (TopCounsel does not provide tax advice;
consult your tax advisor.)

Actually, I have seen an organization that claims an
exception to this general rule stated above:

ultramaxtri.comRaceforFree.htmlOpen ↗

Quoted message said:

Just wondering in these times of taxes, does anyone deduct
the fee they pay for a race if the money goes to a non-
profit organization? I dont, but was thinking I might if
others did. After all they do add up.

comments?

Jim

I you get audited, only the portion of the race fee actually
contributed to charity is deductable.

Lyndon "Speed Kills...It kills those that don't have it!"
--US Olympic Track Coach Brooks Johnson

"eNo" <[email hidden]> wrote in message
"]news:[email hidden]...

Quoted message said:

J.A.M. said:

Just wondering in these times of taxes, does anyone
deduct the fee they

pay

Quoted message said:

Quoted message said:

for a race if the money goes to a non-profit
organization? I dont, but

was

Quoted message said:

Quoted message said:

thinking I might if others did. After all they do
add up.

This sounds iffy. Consult with a tax expert before you
leap into audit heaven. A more orthodox path would have
you getting a note from your doctor saying you need to
exercise for your health--no, duh, doesn't everybody?--
which then makes any health club costs and perhaps
exercise equipment, such as running shoes, deductible.
Again, consult with a tax expert before you raise the
red flag.

As others have said, since the taxpayer receives a benefit
from the entry fee, it does not qualify as a charitable
contribution itemized deduction.

Nothing iffy about deducting exercise costs (especially
running shoes?!, you near about made the vein in my forhead
pop with that one); it is not recommended. Ref. code Sec.
274(a)(3) and yes I know about Rev. Rul. 2002-19. The
Service will consider whether the taxpayer would be able to
meet exercise needs without joining a health club.

Matthew

If you can get the balance sheet from the race corporation,
perhaps the IRS would accept the pro-rated charity part. Its
really difficult to do this in advance for a race, unlike a
dinner because race revenues are highly unpredictable. The
charity portion is often the "unpredictability cushion" of
10-25%. If everything goes as planned, the charity gets this
amount. If there is bad weather or some other impediment,
the race could go into the red.

The effort to find the charity part probably costs far more
time than the qualifying amount.