PSD Tax deduction... anyone ever calim it?

[Code Blue]

I have never figured out the appropriate way to claim this.... charitable deduction or something more specific?

 

[michnittlion]

I have never figured out the appropriate way to claim this.... charitable deduction or something more specific?

I'm NOT a CPA or a financial advisor (the boilerplate disclaimer to what I'm about to say) .......

But I'm 99% certain it can be itemized as a charitable deduction. However, there is the "80/20 rule" --- a charitable deduction that you got "some sort of benefit" out of (in this case, the "some sort of benefit" is "access to the ability to purchase preferred seating") can only be deducted at an 80% level.

E.g., if the PSD cost $10,000, you can deduct $8,000.

 

[Knuckles101]

I claim it every year. U-M sends a receipt that states how much can be claimed. It is a charitable contribution.

 

[Code Blue]

Awesome, thanks guys.