Donation Levels that get noticed?

#51
#51
MAUSERWERKE said:
The deduction for charitable donations has not changed in the new tax law. What has changed is the doubling of the standard deduction. Because of that, fewer people will be able to itemize their deductions. If you don't itemize, you cannot deduct charitable contributions. So, while the deduction remains in the tax code, fewer folks will be able to take it.
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There is no limitation on those people who can itemize; it's just that most people will not have to itemize. For someone who is making a $50,000 contribution, that will exceed the new standard deduction and you would still itemize.

You could have itemized last year if all you had was a $2000 contribution, but it would have been silly to do so because the standard deduction was sufficient.
 
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#52
#52
rocky top buzz said:
There is no limitation on those people who can itemize; it's just that most people will not have to itemize. For someone who is making a $50,000 contribution, that will exceed the new standard deduction and you would still itemize.

You could have itemized last year if all you had was a $2000 contribution, but it would have been silly to do so because the standard deduction was sufficient.
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Stop spreading bad info. It does not matter if you itemize or not. No more deduction if donation is connected to ticket purchase. It's that simple.
 
#53
#53
You guys are talking about two different provisions of the tax law.
The new law repeals the current 80% deduction for contributions made for university athletic seating rights, effective for contributions made in tax years beginning after 2017. So you can go ahead and make your contribution before the end of 2017 for the 2018 tickets.

With respect to your overall charitable itemized deduction, the deduction limit on cash contributions has been 50% of adjusted gross income. That goes to 60% beginning in 2018. Also, the phase out of itemized deductions has been suspended. With the increase in the standard deduction, you will have to be more generous to make itemizing worthwhile.

Also, as an fyi, from what I am seeing, it is expected that with the increase in the standard deduction there will only be 5% of tax filers that will itemize beginning tax year 2018. I know I won't be itemizing after 2017.
 
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#54
#54
TNREADER said:
You guys are talking about two different provisions of the tax law.
The new law repeals the current 80% deduction for contributions made for university athletic seating rights, effective for contributions made in tax years beginning after 2017. So you can go ahead and make your contribution before the end of 2017 for the 2018 tickets.

With respect to your overall charitable itemized deduction, the deduction limit on cash contributions has been 50% of adjusted gross income. That goes to 60% beginning in 2018. Also, the phase out of itemized deductions has been suspended. With the increase in the standard deduction, you will have to be more generous to make itemizing worthwhile.

Also, as an fyi, from what I am seeing, it is expected that with the increase in the standard deduction there will only be 5% of tax filers that will itemize beginning tax year 2018. I know I won't be itemizing after 2017.
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Thanks for breaking that down for some in this thread.

The bottomline for those that took advantage of the 80% deduction in the past ... the cost per seat for a 7 game season tix just increased by the amount of the required donation.

Previously, if you donated $500 to buy a season ticket, you could recover $400 of that $500 donation, adding $100 to the cost of that 7 game season ticket (+$14/game). Under the new law, the entire cost of that 7 game season ticket just increased a net $400/ticket (+$57/game).
 
#55
#55
Not exactly. You only recover $400 x your marginal tax rate. So if your rate is 25 percent, you only recover $100.
 
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#56
#56
Ten G's will get you on the permanent-ask for more-list. You'll be on the mailing list, and get a Christmas card etc., but regarding your input-that would require at least a million, along with strong ties to the debt holders, and the politico class.
 
#57
#57
Poppa T said:
I have to donate $$$$ for the right to buy season tix. If I can no longer claim 80% of this donation as a tax deduction, I will rethink that donation and season tix. Many will do the same. It is that simple.
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I don't know a time when you didn't have to "donate" in order to purchase your season tickets-there has been more than one divorce where the season ticket rights have been settled by the court.:hi:
 
#58
#58
I40flyer said:
I don't know a time when you didn't have to "donate" in order to purchase your season tickets-there has been more than one divorce where the season ticket rights have been settled by the court.:hi:
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I can believe the divorce scenario.

Nor all seats require donation. Have a couple of friends that each have had season tickets in upper deck, southeast and southwest sides since early 80's. Neither have to donate.

One friend had 4 under the "O". When they put up jumbotron, he had option to move to seats requiring donation or not. He chose "not" and they moved him to QQ.
 
#60
#60
I order season tickets...to get anything back on season tickets donation you have to itemize which we can’t. The way I look at it if you like the Vols and want season pay donation and if you can’t go to some games you should get a decent price on them to make up for some of donation.
 
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#64
#64
I40flyer said:
I don't know a time when you didn't have to "donate" in order to purchase your season tickets-there has been more than one divorce where the season ticket rights have been settled by the court.:hi:
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We had tickets through the early 80's that were grandfathered down. My father in law passed without "willing" the tickets to any of his kids so we made it about 5 or 6 years with my mother in law writing the checks for the tickets until they asked for him to come down and write the check in person. Tried to explain but they wouldn't listen. And they are inheritable, they just won't tell you. That agreement was part of the original ticket purchase agreement. They have if filed away somewhere but unless you go raise hell at the office, they won't bother to go look it up. I think most of those tickets are gone now anyway. Ours were great, M Row 51 or 52, I can't remember. Was the next to the last row from the top of the lower deck.

4 in the dry!
 
#65
#65
Poppa T said:
I can believe the divorce scenario.

Nor all seats require donation. Have a couple of friends that each have had season tickets in upper deck, southeast and southwest sides since early 80's. Neither have to donate.

One friend had 4 under the "O". When they put up jumbotron, he had option to move to seats requiring donation or not. He chose "not" and they moved him to QQ.
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The ones I posted about above were first bought in '65.
 
#66
#66
1725gatorhater said:
I order season tickets...to get anything back on season tickets donation you have to itemize which we can’t. The way I look at it if you like the Vols and want season pay donation and if you can’t go to some games you should get a decent price on them to make up for some of donation.
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There were a couple of Bama home games that we couldn't make when we had seats. I tried giving them away and no one wanted them. Fulmer 2000's era.
 
#67
#67
I am willing to be there will be plenty of seats available this year for no donation. Probably a one year deal though.
 
#68
#68
I know I deserve a refund for the last two games. Players played but coaches sure didn’t coach
 
#69
#69
I have had 2 season tickets in the Tennessee Terrace for the past 5 years. That will probably end now because of the new tax laws. My wife is self employed and we needed the tax deduction, so it was a win-win for me. Got to deduct 4K on my taxes and get great seats.

Hard for me to justify spending 6.2K on season tickets now...
 
#70
#70
Fullfillmer said:
Yes - There is also the awful food - more so at basketball than football games but neither much to write home about. Don't get me started on the hotdogs.

I think it is a misnomer to describe it as catered, I think better described as institutional food. I think they keep the best food in their box.
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Had a buddy that was a Gators Alum that I played basketball with on the weekends. He invited me to go to the Gators game a few years ago as he was a Alum. When we got there he had sky box seats. The seats were amazing, and the food was awesome. They had a Taco bar for Christ sake. Ice cream bar at the beginning of the 4th quarter. Tennessee lost that game by a couple of touchdowns. But my belly was full.:popcorn:
 
#71
#71
Got an email from the Tennessee Fund on 12/28/2017:
"Checks and Credit Cards sent by U.S. Mail must be postmarked by December 31, 2017 for it to be processed and receipted in the 2017 calendar year."

We mailed a substantial 2018 donation on 12/23/2017 and know it was postmarked by 12/31. Now the Fund claims they didn't receive it until 1/29/18 and they conveniently don't have the envelope.

So either they fix this or we will cancel our season tickets. Meeting with them next week.

Anyone else having a similar problem?
 
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