I recently flew to another state to ride in the MS150, a bicycle ride where proceeds benefit the National Multiple Sclerosis Society. Now I realize that part of my expenses here may be tax-deductible. So, oh you overlords of taxes who know more than I, which of these things go into that box on my tax form? I'm listing here more than I expect, since it never hurts to ask.(My disaster story about the ride, should you be curious, is at http://boards.fool.com/Message.asp?mid=17922584 )So, if it makes a difference, imagine that I have garnered $2200 of contributions other than my own for this ride. Prize considerations are based on total amount pledged, not given in response to whatever you contribute. (I am not awarded as donor, I am awarded as rider.)-- I live in ME and rode in MO. Expenses: airfare, additional charge for oversize luggage. $296.50 + $80 each way luggage charge.-- My bicycle needed repair (on top of normal reassembly) for damages it sustained in transit. Approximately $80.-- I rented a box to transport the bike. $50.-- I paid a $25 registration fee to ride. They provided meals and rest stops during the ride. I was required to have at least $200 in pledges to ride.-- I bought a bicycle and some related equpment for the ride. Say $1000 ballpark (hate to admit it). Some components of bicycle and clothing were damaged during the ride (had an accident) and need to be replaced. $200 ballpark.-- I make a $300 "tax-deductible donation."-- I receive prize consideration for my fundrasising level (including my own donation) of approximately $300. (Without my donation, I would have achieved a different level of prize consideration, say worth $200.)-- Any medical out-of-pocket expenses I have because of my accident in said ride -- is the expense charity-related or subject to the 7 1/2% medical exclusion?Feel free to invent or explain any other deductible costs as well.Thanks in advance,-- Laura
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra