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Does anyone know if these paid bicycle rides are tax deductible? The reason I ask is that there is
going to be a golf tournament in Dallas that is being advertised over the radio as "tax deductible."
The organizers are giving out golf shirts, baseball caps, and "all the drinks you can drink" during
the tournament. If that is tax deductible, then our rides ought to be as well.
Pat in North Texas
Pat said:x-no-archive:yes
Does anyone know if these paid bicycle rides are tax deductible?
Ask your tax expert.
Some charity events are tax deductible, MINUS the value of goods or services received. For example,
paying $200 to play in a charity golf tourney at a course that normally costs $80 to play, MAY allow
$120 to be deductible as a donation.
Another example is a membership to a charitable group that provides a magazine, or free socks,
etc... to join. If the membership is $40, and the socks are valued at $7, the magazine is valued at
$10, you'd probably deduct $23.
Most organizations will provide you with the portion of your payment that is considered a donation,
and what covers the cost of providing your part of the event or membership, ask them for the figure.
Again, ask a professional, as individual circumstances can allow or disallow deductions. Some may
only allowed as travel and entertainment business expenses, which is usually only if they involve
entertaining clients
Barry.
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