So I was reading through TriColumbia's lastest email and noticed this:
Many are unaware that TriColumbia is a non-profit 501c3; so racing with us is a win-win. *The majority of your race entry fees are tax deductible.* Taking advantage of this tax deduction lowers your overall cost of participation in TriColumbia events, and at the same time, supports many worthy charitable organizations in the community.
Has anyone ever tried deducting a portion of their TriColumbia race fees? Sounds crazy, but between me and my kids, we did five races with TC last year, so would love a little money back!
wouldn't this be nice??? :)
From what I've heard (I'm no CPA or anything...), but for charitable donations, you can write off the fair market value. Since we got a few things in return, like a shirt, water bottle, etc. we have to deduct that from the cost of the entry fee.
I figured there was a lot of hassle to calculate it and it might only give you a couple bucks back in tax refund. It didn't seem worth it to me and there's a chance your taxes could get red flagged, which I don't want!
Joyce- you know who is a CPA?? JIM. i bet he could give us a correct answer!!
If you email them and tell them which races, they will give the amount deductible. This is what I got:
From: Linda Congedo <firstname.lastname@example.org>
Date: Mon, Sep 26, 2011 at 2:54 PM
Subject: Re: Don't Miss Registration for 2012 Events
To: Malissa Zimmerman <email@example.com>
That would depend on the specific event. Generally between $35 - $40 dollars (for triathlons) of the total entry fee is NOT tax deductible.
EagleMan amount that is NOT deductible is $40; Col Tri amount that is NOT deductible is $40.; IG half amount that is NOT deductible is $25; IG Coed 5K amount that is NOT tax deductible is $15.00
Hope that helps!
Director of Communications
Columbia Triathlon Association
A 501c(3) Corporation
9130-G Red Branch Road
Columbia, MD 21045
work: (410) 964-1246
fax: (443) 542-9124
cell: (410) 794-6993
Not insubstantial amounts when you consider that Eagleman is a $265 race. Very helpful. Thanks, Malissa!
I think it means that eagleman is $225 deductible and $40 is not.
For PeasantMan, you can claim 100% of your registration fees. 100% of the money goes to High Cloud Foundation and it is also classified as a Non-Profit 501(c)3 Organization. High Cloud runs PeasantMan like TriColumbia runs Eagleman or any of their other races, except all the folks that make PeasantMan happen do not make a dime in salary.
In the past we've given reciepts to vendors who have given us free stuff, if they requested one.
I know, I know ... PeasantMan is like a gift that keeps on giving. Sometimes I think that my greatest flaw is that I'm too generous. The burden of being royalty is great.
Is the DC Tri Club a 501c3 non-profit? If so, could anything be deductible?