Are race fees tax deductible?

[spyrosmom]

This is probably a stupid question, but I'll ask anyway

Most of the races I've ran in are for charity purposes, the proceeds go somewhere. That being said, can I itemize those on federal tax return as charity donations? I have all the receipts from my sign ups. Or, is the sticking point going to be figuring out how much of my fee went to the charity (proceeds) and how much was for my Tshirt, timer, and other stuff?

Yeah, that's kinda cheap of me, but the thought crossed my mind during a 5k last weekend, and a girl needs all the deductions she can get!

Nan

 

[morningstar]

I don't believe those are considered donations. However, in the case of some charity event tickets, a certain portion is tax deductable because that portion is considered a donation, while the rest of the ticket price is considered the charge for the event. I'm not aware of that being the case for race fees.

 

[beskinny]

You could contact the race organizers. I'm doing a sprint tri at the end of September that was $100 to enter. However right on the form it said $30 of it was a direct donation to the charity and is tax deductible. Certainly the entire entry fee won't be deductible as you received something for it - opportunity to race, snacks, t-shirts, etc - but part of it might.

 

[buckeyegirl]

Our accountant told me that it's tricky because of what other posters said - how much really goes to that specific cause, you are getting a tshirt and a goody bag usually, etc.

He did, however, tell me to keep track of mileage driven to and from the events as you can deduct that cost (so much/mile, i think)

I never did it,though. Too much of a hassle with little return probably.

Heidi

 

[banslug]

Good question.....but I don't have any answers to add to those above. When I pay my registration fees, I print out the receipt and immediately put it in my file for this year's tax return. The pile of them is in there so when my tax guy does my taxes, he does whatever it is is allowed with them....so I'm clueless whether ANYthing gets done with them or not! LOL