Required "donation" for buying tickets is no longer tax deductible

[dwiz]

Under new tax bill. If you renew this year (2017) for 2018, can you still deduct the cost of your "donation"?

 

[Art]

Under new tax bill. If you renew this year (2017) for 2018, can you still deduct the cost of your "donation"?

Yes.

 

[psuro]

Under new tax bill. If you renew this year (2017) for 2018, can you still deduct the cost of your "donation"?

Yup. Also since I pay my own property taxes I will make an extra payment this week to take advantage of it before the tax laws change officially.

 

[GregInPitt]

Nor should it be. It's a purchase of tickets, calling it anything else is a joke

 

[Keyser Soze 16801]

Nor should it be. It's a purchase of tickets, calling it anything else is a joke

Exactly. Total scam that this has been tax deductible.

 

[mn78psu83]

Exactly. Total scam that this has been tax deductible.

I agree.

 

[Art]

Exactly. Total scam that this has been tax deductible.

Imagine this is giving more than one AD a few sleepless nights.

 

[psu_83_drummer]

Yup. Also since I pay my own property taxes I will make an extra payment this week to take advantage of it before the tax laws change officially.

Could throw you into AMT

 

[anon_xdc8rmuek44eq]

I agree.

Won't they just charge more for tickets now? Or will they still hope/expect people to make a 'donation' for the privilege?

 

[mn78psu83]

Won't they just charge more for tickets now? Or will they still hope/expect people to make a 'donation' for the privilege?

Both?

 

[91Joe95]

Yes.

I can think of one who probably doesn't have a clue, but will soon find a way to blame it for the collapse of a certain financing project.

 

[Nitt1300]

The next recession will depress ticket sales more than the tax angle will. Voodoo economics is voodoo.

 

[mrtailgate]

Yup. Also since I pay my own property taxes I will make an extra payment this week to take advantage of it before the tax laws change officially.

You will need to check this. Some jurisdictions are not equipped to receive prepayment and don't recognize as such. Check with your municipality.

As others have mentioned, ensure you are not in AMT as taxes are added back in computation of AMTI so that any allowed prepayment provides no tax benefit and simply accelerates use of cash.

 

[psuro]

You will need to check this. Some jurisdictions are not equipped to receive prepayment and don't recognize as such. Check with your municipality.

As others have mentioned, ensure you are not in AMT as taxes are added back in computation of AMTI so that any allowed prepayment provides no tax benefit and simply accelerates use of cash.

Looked into it already. My town has an online payment set up by quarters so I can pay ahead but only a quarter at a time -not the whole year.

Looked into AMT and I think I am ok.