Lifetime Seat Rights

[Guardman]

Thank you for the information, zipp and guardman. i'm getting one of these new football boxes in the new stadium and was told this by the assistant AD, but he told me to double check with my tax attorney. Guardman, do you know what's under review? I'm assuming if the government is looking into it, they're probably thinking about taking away or lessening the deduction. For the love of all things holy, I hope we get a republican or Trump in the whitehouse this time around.

Guy, this rule is possibly being changed to 50/50, 60/40 or 70/30. It is possible it will be left the same at 80/20. Virtually all Universities are arguing that it should be kept the same. The ruling due-date has shifted many times.

You can already see a shift this year in billing protocol for UofL FB suites this year, where now there is a breakout of "rent" as a separate amount from "donation/contribution". I would guess that UofL and all others may eventually be asked to break club seat amounts into "seat rights licenses" (not tax deductible) and "donations having no seat/ticket rights" (all tax deductible).

I am not a tax expert but I would imagine the Dems will tighten the rules to get more tax, while the GOP would keep them about the same.

 

[zipp]

One thing I discovered this tax season that U of L is doing--they may have done this in years past--is that all charges posted to a revolving account (e.g., credit card) show as "UOL*ATHLETIC DONATIONS". You pay $30 for a pair of soccer tickets, that's how it posts. G-man can comment, but it's my understanding that type of payment is NOT deductible as a true "donation". You're getting something tangible in return for your payment.

Why U of L is doing is subject for speculation. It certainly enables people who want to claim all of these payments on 1040 Schedule A, but I believe they put people in orange jumpsuits for too much of that stuff!...

 

[Guardman]

One thing I discovered this tax season that U of L is doing--they may have done this in years past--is that all charges posted to a revolving account (e.g., credit card) show as "UOL*ATHLETIC DONATIONS". You pay $30 for a pair of soccer tickets, that's how it posts. G-man can comment, but it's my understanding that type of payment is NOT deductible as a true "donation". You're getting something tangible in return for your payment.

Zipp is absolutely correct!

 

[Guy Gadbois]

thanks for the information guys. i guess the botton line why i decided to go this route is really my love for the university. i owe a lot to UofL, and I want to see the university continue to grow and excel. it's nice to get the tax breaks and hope they continue to be deductions down the road, but at the end of the day, you have to really love the school to make those kinds of donations. otherwise, i'd just try to buy tickets when needed on the secondary market. i am totally pumped to see how the stadium expansion turns out!

 

[zipp]

Bumping this thread for ticket purchase updates from anyone willing to comment. There were a few folks in here who were contemplating some 'investments'. Just curious what folks decided...

 

[gocds]

My four seats in the "UPS Flight Deck" (Sec. 10) cost approx. 1K and that includes my parking pass and donation. Soooooo guys I ain't in your neighborhood.

GO CARDS - BEAT EVERYBODY!!! God Bless America!!!