College sports take a tax hit. Discuss

The story link is dated 11/8/2017. The bill has gone through several iterations since then, so I think we need updated info. I suspect some of these provisions made it into the bill--not sure.

In a conversation with my accountant (big Duke booster) this week, he said he was paying all of his charitable contributions for 2018 in 2017. He offered two reasons for this...based on his understanding of where the bill now stands. First, we will not be able to deduct contributions to booster clubs if there is a minimum amount you have to contribute for the right to buy certain seats. Second, he says the standard deduction for 2018 (for a couple) will be $24,000. In other words, you would have to give a total of $24,000 in charitable contributions before the next dollar becomes deductible, thus reducing the incentive for most to give.

While I am not an accountant and while I may have the details confused, it seems to me that this will generate a huge hit for college sports. If there is an accountant on these boards, please do all of us the favor a little straight advice on this one.

palma?

I'm not an accountant, but as I see it.
As with most everything, it depends on where YOU sit in the income chain. Especially in this situation. Gifts in this year (2017) for 2018 situations, are likely a very good idea. In the out years with the new higher std. deduction plan in effect, the high income major donors will be penalized. Low end givers (low tax rate) may have their deduction up front in the std. ded. and thus may choose to not give much/anything (hope not) and come out personal $ ahead (but school loses). Bad.

Our big givers (hope we have a lot) likely also pay a higher tax rate. So, a tax deduction is worth much more to them. (37% vs 15%) for example. Bad - So, in this case it is definitely NOT a tax cut for the rich that so many shout is happening. Maybe, bad for WFU.

On the scale low to high, the middle group (not sure how big/small this is) may come out about the same. There is potential bad for WFU in both the low and high end givers. Hopefully an improved economy will help most overall and carry the day.

As this plays out, it could be addressed again. But the complaints from the charities (not) receiving would have to drown out, "it's ONLY for the rich" comments.

For most people, accelerating any itemized deductions that they can into 2017 is a good tax answer.

And the final bill does eliminate the contribution for seating rights.

In truth, seats rights are an added cost for a valuable commodity; not a charitable contribution. People should be happy when the tax code reflects accurate tax theory.

so if you contribute but dont buy any tickets, is it still deductible?

I used to do that -- contribute w/o buying tickets. I always took the whole deduction, b/c I felt I could defend that. Never was challenged though.