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This is interesting: The University of MN is encouraging me to renew my season football tickets for next fall in 2017 as it may be the last opportunity to deduct 80% of the mandatory donation for preferred seating. So I'm going to go ahead and get that done before the end of the calendar year.
Also interesting to me that Bogleheads is banning any talk of tax reform. I mentioned it in a thread on donor advised funds and got a warning. Thank you for having a forum that allows us to discuss the pending legislation. With the end of the year fast approaching, there are actionable items like this one. If the law somehow doesn't pass, I've simply locked in next year's football tickets, which I was going to do, anyway.
More on the ticket issue here and below from athletic director Mark Coyle:
"In light of recent news that the federal tax reform bill has been passed through both houses of the legislature on its way to potentially becoming law, today we reached out to every fan who has invested in our student-athletes by supporting Scholarship Seating with their Gopher season ticket purchases to outline how one change in the tax code may impact their ability to write-off that contribution.
One of the many changes this bill will put into effect – should it become law – will remove what was commonly called the “80/20 rule,” which allows taxpayers to write-off 80 percent of charitable contributions attached to event tickets. In our case specifically, this deduction has been available to fans who owned season tickets in Scholarship Seating areas for football, men’s and women’s basketball, men’s hockey and volleyball.
This change to tax law would mean Scholarship Seating contributions will no longer be 80 percent tax-deductible. Should this become law, you will not be able to write-off any of your Scholarship Seating donations next year."
Also interesting to me that Bogleheads is banning any talk of tax reform. I mentioned it in a thread on donor advised funds and got a warning. Thank you for having a forum that allows us to discuss the pending legislation. With the end of the year fast approaching, there are actionable items like this one. If the law somehow doesn't pass, I've simply locked in next year's football tickets, which I was going to do, anyway.
More on the ticket issue here and below from athletic director Mark Coyle:
"In light of recent news that the federal tax reform bill has been passed through both houses of the legislature on its way to potentially becoming law, today we reached out to every fan who has invested in our student-athletes by supporting Scholarship Seating with their Gopher season ticket purchases to outline how one change in the tax code may impact their ability to write-off that contribution.
One of the many changes this bill will put into effect – should it become law – will remove what was commonly called the “80/20 rule,” which allows taxpayers to write-off 80 percent of charitable contributions attached to event tickets. In our case specifically, this deduction has been available to fans who owned season tickets in Scholarship Seating areas for football, men’s and women’s basketball, men’s hockey and volleyball.
This change to tax law would mean Scholarship Seating contributions will no longer be 80 percent tax-deductible. Should this become law, you will not be able to write-off any of your Scholarship Seating donations next year."
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