Steam & Excursion > 4014 Tickets Tax Deductible?

Since an Amtrak ticket from Riverside to Barstow ranges from $31 in coach to $106 in sleeper and the 4014 tickets range from $700 to $15,000, is the difference tax deducible since it is going to a charity? Any CPAs out there care to take this on? 

I've heard the question asked on Friend's charters and on the C&TS and the answer is no, might
need a better lawyer.

Out

Not unless they’ve been granted 501(c)3 status by the IRS..

And that unique number would be prominently advertised by the charity...

There are detailed accounting procedures that must be followed by the charitable organization.

Ask for their 501(c)3 I.d. Number..
Before going much further ...


W.

Posted from iPhone



Edited 1 time(s). Last edit at 08/09/19 18:19 by wcamp1472.

I would think that Rail Giants is a 501C3, gets back to the value of the ride and the excess, be tough to
quantify a once in a lifetime trip as anything but full value.

Out

The question also might be asked is the ticket price a donation to the 501(c)3 or a ticket to an event (train ride)?

Good point!

w.

Posted from iPhone

Their website says they are:   http://railgiants.org/donate.htm


wcamp1472 Wrote:
-------------------------------------------------------
> Not unless they’ve been granted 501(c)3 status
> by the IRS..
>
> And that unique number would be prominently
> advertised by the charity...
>
> There are detailed accounting procedures that must
> be followed by the charitable organization.
>
> Ask for their 501(c)3 I.d. Number..
> Before going much further ...
>
>
> W.
>
> Posted from iPhone

Panamerican99 Wrote:
-------------------------------------------------------
> The question also might be asked is the ticket price a donation to the 501(c)3 or a ticket to an event (train ride)?

Sounds to me like it's a "required donation" . . . 

If you use the standard deduction I believe the answer is No.  Of course if you can afford that big dough you either (1) Itemize, or (2) Don't care as its a drop in the bucket!!!
Greg

Dont have it in front of me but my tickets to ride in the B29 FIFI had a percentage that was tax deductable.  The outfit which owns it is a 501C3 you know just like the NFL is was shocked to find that out guess being connected is a very good thing for some.
 

Can someone translate BAB ‘s message, above?

W.

Posted from iPhone

wcamp1472 Wrote:
-------------------------------------------------------
> Can someone translate BAB ‘s message, above?
>
> W.

Yes, for me also. I never realized that the NFL is a 501(c)3 operation.

Your donating, but the IRS catch is that you are receiving from that donation, so no deduction. If you made a straight donation and didn't ride, then yes

It is not a tax-deductible donation regardless of whether its a non-proft or not. It is a sales transaction. You are receiving "goods or services" for the money spent, which means it is not a donation.
 



Edited 1 time(s). Last edit at 08/10/19 09:24 by nathansixchime.

wcamp1472 Wrote:
-------------------------------------------------------
> Can someone translate BAB ‘s message, above?
>
> W.
>
> Posted from iPhone
Sure.  He bought a ticket to ride on the restored WW2 B29 bomber "FiFi".  He says a portion of the cost was tax deductible.  You cannot claim money spent as a "donation" if you received goods or services in exchange.  If the ticket price was higher than the fair market cost of a ride in "FiFi", then the excess cost can be considered a deductible donation to the supported non-profit.  Since the average donor won't know what that fair market value is, it falls on the charitable organization to provide the purchaser with a receipt telling them how much of the ticket cost was deductible, which they did for Bab.

Same will go for 4014 - if they give you a receipt telling you that some portion of the cost is deductible, then you're good.  If not, then it's not.  If it will affect your decision of whether to buy a ticket or not, call Rail Giants and ask them.  If they are not advertising it as such, I'd be surprised if they say yes.

Nomad Wrote:
-------------------------------------------------------
> wcamp1472 Wrote:
> --------------------------------------------------
> -----
> > Can someone translate BAB ‘s message, above?
> >
> > W.
> >
> > Posted from iPhone
> Sure.  He bought a ticket to ride on the restored
> WW2 B29 bomber "FiFi".  He says a portion of the
> cost was tax deductible.  You cannot claim money
> spent as a "donation" if you received goods or
> services in exchange.  If the ticket price was
> higher than the fair market cost of a ride in
> "FiFi", then the excess cost can be considered a
> deductible donation to the supported non-profit. 
> Since the average donor won't know what that fair
> market value is, it falls on the charitable
> organization to provide the purchaser with a
> receipt telling them how much of the ticket cost
> was deductible, which they did for Bab.
>
> Same will go for 4014 - if they give you a receipt
> telling you that some portion of the cost is
> deductible, then you're good.  If not, then it's
> not.  If it will affect your decision of whether
> to buy a ticket or not, call Rail Giants and ask
> them.  If they are not advertising it as such,
> I'd be surprised if they say yes.

I think this may be correct.  For 3 years I volunteered at a local Warbird museum.  Each June they did their big GALA event banquet.  The cost was around $250-$275.  They said the value was $75.00, so that was their way of saying the rest was deductable.
Greg Scholl

HotWater Wrote:
-------------------------------------------------------
> wcamp1472 Wrote:
> --------------------------------------------------
> -----
> > Can someone translate BAB ‘s message, above?
> >
> > W.
>
> Yes, for me also. I never realized that the NFL is
> a 501(c)3 operation.


Not the teams, but the NFL headquarters -- basically the commissioners office -- was classified as a non-profit until fairly recently. 

https://www.washingtonpost.com/news/business/wp/2015/04/28/the-nfl-is-dropping-its-tax-exempt-status-why-that-ends-up-helping-them-out/

 

C'mon you guys, take the darn deduction.  Don't be wimpy.  The IRS isn't going to chase down any train geek's contribution to a cause they know nothing about (nor care to research).  Jeez....

-John

I'm guessing Union Pacific writes off most of the expenses of op[erating this trip as a donation to the 501c3 entity...
 

Could also ( for U.P.)  be advertising expenses, like buying commercials air time....

​W.