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Season Tickets - Tax Deduction?
Posted on 11/25/22 at 8:17 am
Posted on 11/25/22 at 8:17 am
Probably a dumb question but I am a business owner and recently became an LSU season ticket holder. Are there ways to use any of it as a tax deduction?
12
Posted on 11/25/22 at 8:27 am to BentonTiger7
Not a CPA, but I would assume that if you're using them to impress potential clients then it can be a writeoff.
Posted on 11/25/22 at 8:33 am to BentonTiger7
This post was edited on 12/19/22 at 8:37 am
Posted on 11/25/22 at 8:58 am to BentonTiger7
87,000 new IRS agents, you better be damn sure before messing with stuff like this.
Posted on 11/25/22 at 9:08 am to j1897
quote:
87,000 new IRS agents, you better be damn sure before messing with stuff like this.
I’m a small business owner who happens to be a Conservative, Christian, and white male. No way they target me! *obvious sarcasm*
Posted on 11/25/22 at 9:09 am to BentonTiger7
TAF “donation” is if I’m not mistaken
Posted on 11/25/22 at 9:27 am to BentonTiger7
In short, NO.
Many people think you can deduct whatever as a “business expense.”
In general, it has to be directly involved in the business.
I guess IF it was your job to build stadiums, you could do “research” by attending various venues, but I would not try to expense “season tickets” against my medical practice or small business 200 miles from the stadium.
Many people think you can deduct whatever as a “business expense.”
In general, it has to be directly involved in the business.
I guess IF it was your job to build stadiums, you could do “research” by attending various venues, but I would not try to expense “season tickets” against my medical practice or small business 200 miles from the stadium.
Posted on 11/25/22 at 9:28 am to skeetandtrap
quote:
TAF “donation” is if I’m not mistaken
Nope this was the treatment pre-TCJA. It is now nondeductible entertainment.
Posted on 11/25/22 at 9:36 am to BentonTiger7
Are you using them or are you giving them to clients?
Posted on 11/25/22 at 9:45 am to BentonTiger7
I used to write off half of them because of the 50% entertainment rule that used to be in place.
from what i have read it cannot be done that way anymore per new tax rules.
LINK
from what i have read it cannot be done that way anymore per new tax rules.
LINK
quote:
“Purchasing tickets to take a business client to a sporting event or other entertainment type event are not deductible.
quote:
Also gone are charitable deductions for contributions to the right to purchase tickets to a college’s athletic events,”
This post was edited on 11/25/22 at 9:47 am
Posted on 11/25/22 at 9:46 am to Zipfer2022
quote:
Nope this was the treatment pre-TCJA. It is now nondeductible entertainment.
correct
Posted on 11/25/22 at 9:47 am to BentonTiger7
If you just purchased season tickets, then no. It’s entertainment which is not deductible. Even that is assuming you only use them for your business.
You could possibly get a charitable donation for any portion of the funds that was an actual donation to the university (above and beyond the value of the tickets you received in return).
You could possibly get a charitable donation for any portion of the funds that was an actual donation to the university (above and beyond the value of the tickets you received in return).
Posted on 11/25/22 at 9:57 am to Cousin
quote:
but I would assume that if you're using them to impress potential clients then it can be a writeoff.
you assumed wrong
Posted on 11/25/22 at 10:35 am to Fat Bastard
Sort of related question- I used to have several season tickets in Tiger Stadium, including suites, parking passes, etc.. Most of them went to friends and family, but sometimes id sell on Stubhub.. Now, even though i no longer mess with any of that and ive since let all my tickets go back to the school- Stubhub is asking me for my tax id number.. I haven’t sold anything thru them in years, but do yall think they would come after me for sales i made years ago ? Or since these tax policies are ostensibly new, am i safe ? Obviously i will eventually consult a professional if it becomes a problem, just wanted to get yalls thoughts .
Posted on 11/25/22 at 10:36 am to BentonTiger7
You used to be able to but the short answer is no you cannot take a deduction for them anymore.
Posted on 11/25/22 at 10:48 am to skeetandtrap
quote:
TAF “donation” is if I’m not mistaken
It was before the Trump tax cuts. After 2017 that was taken away. The answer is no, they are not a charitable donation and no longer allowed as a 50% business expense. At least that is my understanding since the end of 2017.
This post was edited on 11/25/22 at 10:51 am
Posted on 11/25/22 at 12:48 pm to BentonTiger7
not a business expense but i believe you can write off the tuf donation on your 1040 if you itemize
Posted on 11/25/22 at 9:41 pm to BentonTiger7
quote:
Probably a dumb question but I am a business owner and recently became an LSU season ticket holder. Are there ways to use any of it as a tax deduction?
Just buy them through your company instead of personal
Posted on 11/26/22 at 6:21 am to barry
quote:
However, team-building outings, including the purchase of tickets for your staff is allowed and 100% deductible. The tax code states that “expenses for recreational, social, or similar activities (including facilities therefor) primarily for the benefit of employees” qualify for the 100% deduction.
Posted on 11/27/22 at 3:57 pm to taeemwar
Used to deduct 80% of the TAF fee (not face value of tix), but had to stop when Trump admin took the reigns. The only thing I did not like about Trump.
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