Mike Lantry, 1972
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|4 weeks 3 days ago||Bielfeldt has pretty good||
Bielfeldt has pretty good outside range. He's also tougher than he looks. If he wasn't buried behind McGary, Morgan and Horford, he would definitely get around 15 minutes a game.
As an aside, he's also the grandson of the billionaire bond king of Illinois. I mean the main athletic building at UofI is named after him... and perhaps there will be a building at UofM named after him too one day. [I'm just trying to channel my inner Dave Brandon!]
|4 weeks 6 days ago||let's chip in for a mgoblog||
let's chip in for a mgoblog bet on michigan to win national championship. Currently 75/1.
|5 weeks 2 days ago||In addition, Section 1, you||
In addition, Section 1, you should net out the cash benefit of your deduction in order to get at the true cost to you.
I.e., you should subtract out approx. another $865.
$2,400 x 80% = $1,920 (allowable deduction per 80/20 IRS rule)
$1,920 x 45% = $864 (approx tax rate of someone who is in the top federal tax bracket plus average state tax). Taxes would generally be lower in MI, then CA, NY or NJ, but this is an approximation.
|5 weeks 2 days ago||Victors PSD is a bad deal. I||
Victors PSD is a bad deal.
I did the analysis a while back on Excel and I found Maize PSD to be the best bang for the buck if you're going to resell. Also, if you are Endzone, you will make money. I did the math based on average sold price per PSD category on Stubhub for all games vs. total expense (i.e., PSD, ticket cost, Stubhub fee, etc.).
|5 weeks 2 days ago||It's actually 80% per IRS||
It's actually 80% per IRS rules.
See IRC Section 170(1).
|5 weeks 2 days ago||Honestly, I don't know why||
Honestly, I don't know why the "Gibbons fiasco" would affect your decision to renew tix. I feel like that is a stretch.
|5 weeks 2 days ago||Well you can lose money if||
Well you can lose money if you don't sell them or sell them too late. I.e., like if someone backs out to go a few days before and then you have to basically dump the tix.
It definitely can happen and does happen frequently.
|5 weeks 2 days ago||I fly in from NYC w/ the wife||
I fly in from NYC w/ the wife and kids for about half of the games. Flight is about two hours and then rent a car and 30 min drive. Not too bad.
I renewed my PSDs and will try to upgrade. I figure I have the best chance to lock in good seats during the bad years.
|5 weeks 2 days ago||Lol. I think he meant. They||
Lol. I think he meant.
They literally can't score 70 points.
|6 weeks 3 days ago||delete||
|6 weeks 3 days ago||Heiko!||
|7 weeks 2 days ago||Like this much better. Makes||
Like this much better. Makes it instructional like a DIY home improvement video. Nice.
|7 weeks 4 days ago||I'm not a tax expert by any||
I'm not a tax expert by any means, but I don't see a sports ticket as an investment. In fact, it's (almost) always going to be worth zero on the day after the event.
In addition, if I really saw this as an investment in a capital asset, then I could also argue that I should take a capital loss on my tickets if I end up losing money. I'm pretty sure that the IRS would laugh at my argument when I say that I bought my tickets for face value, but no one wanted to watch the Michigan vs. Akron game so I have to take a capital loss and I want to deduct these capital losses on my tax return.
|7 weeks 4 days ago||you mean you don't come to||
you mean you don't come to MGoBlog for tax advice? :P
|7 weeks 4 days ago||Sorry, but that's not what a||
Sorry, but that's not what a capital gain is (since that has nothing to do with a capital asset).
"Capital Gain" Definition = An increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short term (one year or less) or long term (more than one year) and must be claimed on income taxes. A capital loss is incurred when there is a decrease in the capital asset value compared to an asset's purchase price.
|7 weeks 4 days ago||Well, it's not a capital||
Well, it's not a capital gain... and by that, I mean it's not a gain attributable to your investment of capital. Rather, it would be income to you, and therefore, you would be subject to income tax, as noted above.
A ticket is merchandise, if you buy it for $100 and sell it for $200, then you owe taxes on the $100 of net income.
The fact that you take a deduction on the original price of the ticket means that the basis of the ticket (i.e., your merchandise cost) has been reduced. For example, let's say as a result of taking the deduction, you get $25 back. Then, your basis is now $75.
Result: You sell tickets for $200, then you subtract $75 (which is your after-deduction adjusted basis), which leaves $125 of net income. You will then have to pay income tax on $125. The deduction will still be allowed since you still made your donation.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under federal, state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
|7 weeks 4 days ago||That is the PSD rule. I.e.,||
That is the PSD rule. I.e., unlike a typical donation to a university (where you can deduct 100% of your donation), a PSD can only be deducted at 80%.
The reason for this is usually you have to net out any benefits you receive from your donation, but since that's hard to do here and impractical, they have a hard and fast 80/20 rule (80% deduction/20% benefit).
Otherwise, it's like when you go to a charity gala and you donate $500 for a seat, but the food costs $200 so they tell you that you can only deduct $300.
|7 weeks 4 days ago||Ticket resellers have to pay||
Ticket resellers have to pay income tax, but only on the "net income". I.e., ticket proceeds minus ticket cost.
If you run it as a business, you can probably carry-forward losses, but it will be hard to prove, unless ticket re-selling is your only job.
|7 weeks 4 days ago||Someone can always donate on||
Someone can always donate on your behalf (for example, I can donate $10 to Adopt-a-Wolverine Society and adopt a wolverine in your name, but since I paid for it and thus was the donor, then only I can take the deduction).
The OP seems to be talking specifically about a secondary market purchase (and my point is that only the primary donor, who often is the primary purchaser, could take the donation deduction).
|7 weeks 4 days ago||No. The guy who pays the||
No. The guy who pays the check to the school for PSDs (the original season ticket holder) will receive a receipt from the school reflecting that the PSD was paid. Only he can deduct the PSD donation.
If the buyer purchases from the seller (i.e., a secondary market transaction), then that is just the secondary market purchase price (and, to be clear, no portion of such secondary market purchase price could be construed as a donation to the school).
|8 weeks 2 days ago||Arizona beat Arizona? I||
Arizona beat Arizona? I think you mean UCLA.
|8 weeks 3 days ago||west coast||
West coast - California and Pacific Northwest.
South - but mainly because of the Alabama ties. I don't think he previously recruited much from the south.
|8 weeks 3 days ago||Sounds like a fun diary||
Sounds like a fun diary project. Maybe I'll take it on this weekend if I have some free time.
|8 weeks 3 days ago||Definitely. Top undergrad||
Definitely. Top undergrad and grad programs --> mid-upper and wealthy alums --> large donations --> max spending on facilities, coaches, etc. --> wins (hopefully) --> more donations --> better programs, richer alums, bigger facilities, better (or at least, more expensive) coaches!
And the virtuous cycle goes on and on.
|8 weeks 3 days ago||Sorry, clicked the wrong||
Sorry, clicked the wrong button. Will put it on the board next time. But I beat out the other official hiring post anyway, so yay!
|8 weeks 3 days ago||agree. it's like breaking||
agree. it's like breaking up. you might be happy that she's gone, but there's a human element to it - you spent time together and got to know each other, etc. i'm a firm believer in what comes around goes around, so lets be good to people on the way out as we are to them on the way in.
|8 weeks 3 days ago||even guys who get paid well||
even guys who get paid well deserve a pat on the back once in a while.
|8 weeks 3 days ago||very good coach, even better||
very good coach, even better man. thank you especially for the sugar bowl!
|10 weeks 1 day ago||Put in Shane Morris! /s||
Put in Shane Morris!
|10 weeks 5 days ago||Merry Christmas!!||