Many of us hold deep ties to the colleges we graduated from.
As a result, many of us also wish to donate to these organizations in some way.
One of the most common ways of “giving back” to a college or
university is buying a personal sport license for a sporting event or a series
of sporting events. In the past, making this purchase meant you could claim 80%
of the price as a deduction.
Recent tax reform has done away with that allowance, but
don’t worry. There are still other ways in which you can support your alma mater and still benefit yourself in the process.
Sports-Related
Deductible Donations
To start off with, if you are a sports fan, there are many
other ways to support your alma mater’s athletic department and still deduct
the money spent. In fact, doing any of the following can still earn you a tax
deduction:
·
Supporting the Booster Club via a donation,
providing the booster club is a 501(c)(3) organization.
·
Attending charity dinners or other events
·
Donating items to an auction or raffle held by
the sporting department
·
Giving a direct monetary donation to the
sporting department
Other Ways to Give
Back
Of course, the athletic department is never the only part of
a university that needs your donations. If you would like to donate elsewhere,
you can give directly to the college or university or any of its specific
departments. Just like the Booster Club, though, the organization in question
should have a 501(c)(3) status that you can verify. Otherwise, your donation is
not likely to count as a tax deductible one.
A Few Caveats
No matter how you choose to donate or to which department,
make sure to get a receipt for your donation or some other proof of the
donation.
Also keep in mind that anytime you receive a gift or other
item for your donation, you will need to deduct its value from your donation so
that your deduction amount will be accurate.
As long as you can follow this advice, you can benefit
greatly from your donation while helping your alma mater at the same time.