tag:blogger.com,1999:blog-8835710.post3175124108797269901..comments2024-02-14T06:26:09.116-05:00Comments on Frozen Tropics: Jimmy Valentine's Annual Fundraiser for Trinidad Youth Programs 10/2Unknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-8835710.post-64109782408235928932014-10-02T16:38:06.790-04:002014-10-02T16:38:06.790-04:00Pub78.
Thanks for breaking that down for everyone....Pub78.<br />Thanks for breaking that down for everyone.<br /><br />They will have paper receipts available at the event. In my experience, many people at the event give far more than the $20 suggested, so those folks will certainly have something they can deduct.<br /><br />inkedhttps://www.blogger.com/profile/05350787243002946647noreply@blogger.comtag:blogger.com,1999:blog-8835710.post-76857556886008719022014-10-02T14:41:02.305-04:002014-10-02T14:41:02.305-04:00So, here's what to keep in mind/discuss with y...So, here's what to keep in mind/discuss with your tax advisor:<br /><br />1. The Trinidad Neighborhood Association is to whom you're actually donating the funds. They're a 501(c)(3) so that part is totally kosher -- your money is a true donation and not a gift. http://trinidadneighborhood.org/2014/09/29/jimmy-valentines-lonely-hearts-clubs-annual-fundraiser-for-youth-programs/<br /><br />2. HOWEVER, if you're going to the event and accept the food and three drinks generously provided, then you need to reduce your donation amount by the fair market value of the drinks and food. Depending on what you drink (three cocktails at $5 or so each = $15) and eat (a sub = $5 or so), the fair market value may be close to the suggested $20 donation. (See #3 at http://www.irs.gov/uac/Eight-Tips-for-Deducting-Charitable-Contributions) <br /><br />This is NOT to suggest that you shouldn't go and contribute generously, just a caveat that, were you ever audited, the IRS could cite you for misrepresenting the donation amount. Pub78noreply@blogger.comtag:blogger.com,1999:blog-8835710.post-47804528218081907312014-10-02T08:47:48.281-04:002014-10-02T08:47:48.281-04:00 Please consult your tax advisor to determine the ... Please consult your tax advisor to determine the tax deductibility of your gift.<br /><br />RobbyAnonymousnoreply@blogger.com