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
The question the IRS would ask is if the entry fee is 60% higher than entry fees for comparable swims. If it is, then the 60% would be deductible. If it's not, then no.
If the charity took the trouble to point this out, I suspect that it is deductible, but I'd want some comparables to be sure.
The question the IRS would ask is if the entry fee is 60% higher than entry fees for comparable swims. If it is, then the 60% would be deductible. If it's not, then no.
If the charity took the trouble to point this out, I suspect that it is deductible, but I'd want some comparables to be sure.
