Season Tickets - Tax Deductible?

Submitted by CincyBlue on February 15th, 2010 at 1:04 PM

I just read today that the Big House Suites and Club seats are 80% tax deductible. Are regular season tickets tax deductible as well?

Thanks!

Comments

rdlwolverine

February 15th, 2010 at 1:09 PM ^

that are necessary to get your season tickets are 80% deductible. The tickets themselves are not. It is the same for the suites and clubs, the tickets themselves are not deductible. The "donations" that make you eligible to have your seats in the suites or club seating section are 80% deductible.

BiSB

February 15th, 2010 at 2:17 PM ^

But as long as we're on taxes, be sure to check out the Making Work Pay tax credit; Schedule M, line 63 on your friendly neighborhood 1040.

From what I can tell, it's a $400 refundable credit ($800 for married couples filing jointly) for having a pulse.

** The previous statements are not to be considered recommendations for purposes of tax preparations. **

BiSB

February 15th, 2010 at 5:10 PM ^

I took the standard deduction, and still took the credit.

It appears in the "payments" section of the 1040, so technically the IRS considers this to be money you've already 'paid.' It's as if the government paid an extra $400 onto your withholdings for the year.

It isn't a deduction, it's a credit. It doesn't reduce your taxable income, it reduces the total tax owed on your income.

HAIL 2 VICTORS

February 15th, 2010 at 5:01 PM ^

Considering how our 09 season went I am thinking that any season tickets could be considered a deduction as a contribution to disaster relief...Of course this is a one time only line item.

Maize and Blue in OH

February 16th, 2010 at 10:39 AM ^

Tickets themselves could be tax deductable if you use them to entertain clients. Then, 50% of the ticket is deductable as a business expense. Comes in handy for the small business owner or independent contractor.