Many of us are spending large sums of cash on entry fees for open water races. Many of the organizers of these races have organized as non-profit (501)(c)(3) corporations (GCBS, Save The Bay, etc).
Are you listing these entry fees as deductions on your tax return? Is there a swimmer/accountant who would like to stick their neck out with some advice for us?
Thanks,
Hopper
www.swimvacation.com
Parents
Former Member
This type of event falls under what the IRS calls "Charity Benefit Events", similar to a charitable ball, banquet, show or sporting event. If these events have an established charge (ie the entry fee), you may only deduct the amount you pay which exceeds the entry fee. The logic here is that you are receiving a benefit by paying the fee (in this case, participating in the event) and only the monies you pay which exceed the entry fee benefit the organization, and not you.
So no. These entry fees are not deductible.
For a detailed explaination, check out Publication 526, "Charitable Contributions", available on the IRS website, www.irs.gov.
This type of event falls under what the IRS calls "Charity Benefit Events", similar to a charitable ball, banquet, show or sporting event. If these events have an established charge (ie the entry fee), you may only deduct the amount you pay which exceeds the entry fee. The logic here is that you are receiving a benefit by paying the fee (in this case, participating in the event) and only the monies you pay which exceed the entry fee benefit the organization, and not you.
So no. These entry fees are not deductible.
For a detailed explaination, check out Publication 526, "Charitable Contributions", available on the IRS website, www.irs.gov.
