Recruit [83]
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Joined: 11/25/07
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Tax Surprise!
[1]
Posted: Mar 15, 2020, 3:43 PM
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Had anyone noticed that "Pursuant to the Federal Tax Cuts and Job Act signed into law in December of 2017, gifts made on or after January 1, 2018 to most IPTAY funds may no longer be tax deductable"? I wasn't aware of it until I started preparing my taxes.
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All-In [36135]
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Joined: 11/13/04
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Re: Tax Surprise!
[4]
Posted: Mar 15, 2020, 3:58 PM
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Hope you knew that when you filed last year too.
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110%er [7863]
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Joined: 9/1/01
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A regular #### Tracy you are!***
[1]
Posted: Mar 15, 2020, 4:14 PM
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Orange Blooded [2327]
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Joined: 7/18/09
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Re: Tax Surprise!
[3]
Posted: Mar 15, 2020, 4:21 PM
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The majority of people these days find it better to claim the standard deduction instead of itemizing.
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All-TigerNet [10574]
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Joined: 7/31/07
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Re: Tax Surprise!
Posted: Mar 15, 2020, 7:09 PM
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That determines on how much you contribute to charitable organizations. If you are a big giver, it would be better to itemize but I agree, most people now take the standard deduction. Trump made it easier with the $24,000 limit. I was told you could only count 80% of IPTAY contributions. Is that accurate ?
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Athletic Dir [851]
TigerPulse: 56%
Posts: 2038
Joined: 2/4/12
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The portion that you get something in return is taxable
Posted: Mar 15, 2020, 7:28 PM
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For example, consideration for better seats, parking spot, or any other benefit. Technically it was always taxable, but but now it's harder to argue around.
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Athletic Dir [851]
TigerPulse: 56%
Posts: 2038
Joined: 2/4/12
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They did a lot more to try to force people into the standard
Posted: Mar 15, 2020, 7:31 PM
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deducton. Limited the SALT deductions, home equity loan interest no longer deductible, etc. Some people had to pay more to make it almost work, otherwise the deficit would be two trillion instead of one.
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All-In [36135]
TigerPulse: 100%
Posts: 30639
Joined: 11/13/04
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Re: Tax Surprise!
[1]
Posted: Mar 15, 2020, 8:29 PM
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It used to be if you used your donation to have preference in buying athletic tickets then you could only deduct 80% of the donation. If you donated to IPTAY and didn’t get tickets for some reason then you could deduct all of it. But now it’s zero for donations to an athletic booster organization like IPTAY regardless.
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