The UCI Road World Championships have come and gone but if you were involved, you may have a tax deduction in your future. That’s because not only is the planning organization (Richmond 2015), a non-profit, they are an IRS approved charity. Here are some tax tips from yours truly.
Did you volunteer during Richmond 2015?
While you cannot deduct the value of donated time, you can deduct out of pocket expenses like mileage for a charity activity or other items purchased in relation to volunteering.
Did you donate to Richmond 2015?
If you donated to Richmond 2015, you can deduct it on your taxes but you will need a receipt that has the nonprofit organization’s identifying information printed on it. The donation needs to be confirmed in writing by the non-profit organizer.
As a note: Charitable donations to any nonprofit organization are tax deductible only of the taxpayer can itemize their deductions. However, the person making the donation should be sure to get a receipt for the donation.
If you received something of value for making a donation, you may only deduct the amount of the donation that exceeds the value of the item received.
Did you rent your house out during the race?
There is a special rule if you use a dwelling as a home and rent it for fewer than 15 days. In this case, do not report any of the rental income and do not deduct any expenses as rental expenses.
Details on the IRS website here.
As always we’re here to answer your questions.