Season Ticket Prepayment

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84GRIZ
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Season Ticket Prepayment

Post by 84GRIZ » Fri Dec 22, 2017 1:53 pm

FYI, the new tax law the Trump signed today eliminates the 80% charitable tax deduction for seating-related contributions starting in 2018. So if you want to get your tax deduction related to your premium seat charge for your 2018 season tickets you need to pay for them by to December 31st.

The Athletic Department is sending out an email regarding this. My seats are Silver level and last year the charitable tax deduction was about half of what I paid for the tickets.

'68griz
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Re: Season Ticket Prepayment

Post by '68griz » Fri Dec 22, 2017 8:30 pm

I got the email, and plan to go forth before Dec. 31.

first11
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Re: Season Ticket Prepayment

Post by first11 » Sun Dec 24, 2017 5:48 pm

Yup, got the notice emailed

That nifty new tax law will create a lot more nasty surprises for both athletic and academic sides soon.

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IdaGriz01
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Re: Season Ticket Prepayment

Post by IdaGriz01 » Sun Dec 24, 2017 5:59 pm

first11 wrote:
Sun Dec 24, 2017 5:48 pm
Yup, got the notice emailed

That nifty new tax law will create a lot more nasty surprises for both athletic and academic sides soon.
Those are called "loopholes" (if you don't like/can't use them). Otherwise, they're something we're "entitled to."

Actually, it's pretty small potatoes for the likes of Idaho (get it?) or Montana. But the numbers are just ridiculous for the big boys (thousands upon thousands of $$$). However you feel -- yay or nay -- about the new tax law, this kind of crap should have never been in there in the first place, IMO.

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mtgriz
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Re: Season Ticket Prepayment

Post by mtgriz » Sun Dec 24, 2017 6:18 pm

Seems like there could be a workaround devised. Similar to how we were able to make a contribution to the Foundation and designate it for the band to get to Bozeman. Just make a contribution to the Foundation for football operations.

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IdaGriz01
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Re: Season Ticket Prepayment

Post by IdaGriz01 » Sun Dec 24, 2017 6:27 pm

mtgriz wrote:
Sun Dec 24, 2017 6:18 pm
Seems like there could be a workaround devised. Similar to how we were able to make a contribution to the Foundation and designate it for the band to get to Bozeman. Just make a contribution to the Foundation for football operations.
Funny, my wife and I were just discussing how a bunch of smart people will find something -- they do for just about everything in the tax code. Why change now?

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dupuyer griz
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Re: Season Ticket Prepayment

Post by dupuyer griz » Sun Dec 24, 2017 8:34 pm

Seems like it’s only people with money who this will really affect. I thought this was a break for the rich. Or is that like luxury box rich and not just rich.


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PlayerRep
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Re: Season Ticket Prepayment

Post by PlayerRep » Sun Dec 24, 2017 9:52 pm

It was a good benefit for universities and high end ticket buyers or suite holders, including for anyone who had enough income to itemize deductions. I think the loss of the deduction will put pressure on universities to reduce “ticket” prices, actually the related foundation donations.

This deduction helped me pay or donate more to UM. I pre paid my payment to get the deduction this year. On a $1,000 ticket in the Canyon Club, and some are $1,000 and some are $1500, it saves us about 80% of $1,000 less than ticket price of $260 or so. So 40 or 50% of 740. So $370. Edit: I think it stated the formula correctly, but I may have overstated the benefit with the numbers I chose.


I always thought it was a surprisingly deduction. I am fine with it going away. But it will impact my ticket purchases sooner or later. All good for me.

It will have a bigger impact for suite holders. They pay more and get a bigger donation deduction.

I think it will reduce UM income from tickets, as tickets will “cost” more. That’s okay.
Last edited by PlayerRep on Mon Dec 25, 2017 10:04 am, edited 1 time in total.

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Re: Season Ticket Prepayment

Post by PlayerRep » Sun Dec 24, 2017 9:57 pm

dupuyer griz wrote:
Sun Dec 24, 2017 8:34 pm
Seems like it’s only people with money who this will really affect. I thought this was a break for the rich. Or is that like luxury box rich and not just rich.


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It was a break for anyone with enough to itemize deductions. Not just suite holders. Anyone paying extra payments to foundation and who got tax deductions for donations to a charity.

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Re: Season Ticket Prepayment

Post by PlayerRep » Sun Dec 24, 2017 10:11 pm

mtgriz wrote:
Sun Dec 24, 2017 6:18 pm
Seems like there could be a workaround devised. Similar to how we were able to make a contribution to the Foundation and designate it for the band to get to Bozeman. Just make a contribution to the Foundation for football operations.
Doubt it. Band was different as donations went to UM and band, not to the benefit of the donor. Just like a donation to the U.

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kemajic
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Re: Season Ticket Prepayment

Post by kemajic » Sun Dec 24, 2017 11:54 pm

PlayerRep wrote:
Sun Dec 24, 2017 9:57 pm
dupuyer griz wrote:
Sun Dec 24, 2017 8:34 pm
Seems like it’s only people with money who this will really affect. I thought this was a break for the rich. Or is that like luxury box rich and not just rich.


Sent from my iPhone using Tapatalk
It was a break for anyone with enough to itemize deductions. Not just suite holders. Anyone paying extra payments to foundation and who got tax deductions for donations to a charity.
With the doubling of the standard deduction after this year, for many the advantage of deductions like charitable donations may become a moot point anyhow. Many taxpayers will then find the std. deduction advantageous.
"I woke up still not dead again today." - Willie Nelson

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AllWeatherFan
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Re: Season Ticket Prepayment

Post by AllWeatherFan » Mon Dec 25, 2017 12:46 am

PlayerRep wrote:
Sun Dec 24, 2017 9:52 pm
I always thought it was a surprisingly deduction.
Turn up the Eagles, the neighbors are listening.

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Re: Season Ticket Prepayment

Post by PlayerRep » Mon Dec 25, 2017 10:03 am

kemajic wrote:
Sun Dec 24, 2017 11:54 pm
PlayerRep wrote:
Sun Dec 24, 2017 9:57 pm
dupuyer griz wrote:
Sun Dec 24, 2017 8:34 pm
Seems like it’s only people with money who this will really affect. I thought this was a break for the rich. Or is that like luxury box rich and not just rich.


Sent from my iPhone using Tapatalk
It was a break for anyone with enough to itemize deductions. Not just suite holders. Anyone paying extra payments to foundation and who got tax deductions for donations to a charity.
With the doubling of the standard deduction after this year, for many the advantage of deductions like charitable donations may become a moot point anyhow. Many taxpayers will then find the std. deduction advantageous.
But for those people, who won't itemize for 2018, they can buy their tickets and pay the foundation portion this year before year end.

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signedbewildered
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Re: Season Ticket Prepayment

Post by signedbewildered » Mon Dec 25, 2017 10:27 am

kemajic wrote:
Sun Dec 24, 2017 11:54 pm
PlayerRep wrote:
Sun Dec 24, 2017 9:57 pm
dupuyer griz wrote:
Sun Dec 24, 2017 8:34 pm
Seems like it’s only people with money who this will really affect. I thought this was a break for the rich. Or is that like luxury box rich and not just rich.


Sent from my iPhone using Tapatalk
It was a break for anyone with enough to itemize deductions. Not just suite holders. Anyone paying extra payments to foundation and who got tax deductions for donations to a charity.
With the doubling of the standard deduction after this year, for many the advantage of deductions like charitable donations may become a moot point anyhow. Many taxpayers will then find the std. deduction advantageous.
I'm going to ask my accountant if I can claim the STD deduction.

MTGRZ
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Re: Season Ticket Prepayment

Post by MTGRZ » Wed Dec 27, 2017 10:03 am

signedbewildered wrote:
Mon Dec 25, 2017 10:27 am
kemajic wrote:
Sun Dec 24, 2017 11:54 pm
PlayerRep wrote:
Sun Dec 24, 2017 9:57 pm
dupuyer griz wrote:
Sun Dec 24, 2017 8:34 pm
Seems like it’s only people with money who this will really affect. I thought this was a break for the rich. Or is that like luxury box rich and not just rich.


Sent from my iPhone using Tapatalk
It was a break for anyone with enough to itemize deductions. Not just suite holders. Anyone paying extra payments to foundation and who got tax deductions for donations to a charity.
With the doubling of the standard deduction after this year, for many the advantage of deductions like charitable donations may become a moot point anyhow. Many taxpayers will then find the std. deduction advantageous.
I'm going to ask my accountant if I can claim the STD deduction.
:lol: :lol: :lol: :clap: :clap: :thumb: Late POTY entry?

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BadlandsGrizFan
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Re: Season Ticket Prepayment

Post by BadlandsGrizFan » Thu Dec 28, 2017 7:47 am

So does this only affect college ticket holders, or does this apply to professional sports as well? Trumps way of trying to take down the NFL still? haha JK

This new tax stuff is insane. This whole week people have been waiting in line for hours to get their taxes in before the 31st. Im in Frisco., TX tho and everyone here is loaded so I guess it makes sense.
Montana is no place for the idler, the penniless, the feeble in will or body!

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