I participated in several 5 and 10k local running events last year. Since the entry fee typically goes to some type of non-profit organization, can I write off the entry fees on my taxes?
2007-03-22 05:40:30 · 3 answers · asked by elcampeon17 1 in Business & Finance ➔ Taxes ➔ United States
No. It is a personal expense, and therefore non-deductible.
However, if you enter running events for the purpose of promoting your business, it might be deductible, if you earn money for either competing in them or winning them.
It would be a question to be addressed by an IRS district court.
2007-03-22 05:48:11 · answer #1 · answered by bold4bs 4 · 0⤊ 1⤋
If the fees are paid to a registered non-profit charity, you can deduct the difference in value between the fee and anything of value you received from the event. Only the portion of the fees that exceed the value of anything received by you is deductible.
2007-03-22 05:58:24 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
forget about it
2007-03-22 06:20:12 · answer #3 · answered by Ovrtaxed 4 · 0⤊ 0⤋