Posted by kevin kelly on January 03, 2007 at 09:28:00:
In Reply to: Charitable Race Entry Fees posted by Kevin Gramelspacher on January 02, 2007 at 23:05:23:
First - I am not an accountant but I have asked accountants this type question many times. As you have heard from previous replies the value of your entry that you get back in t-shirt, goodies, race etc are not tax deductible. Any amount above that that you deem is going to the charitable cause is tax deductible.
As the entries on a lot of these races raise to what I deem obscene levels there is more room to consider a portion of your fee is tax deductible. As in other areas of your taxes there is a lot of gray area and you should always have your race entry fees documented in hard copy.
I wouldnt think it unreasonable to consider the following as what you are getting back for your fee: t-shirt $5-8; food, water, goodies etc: $10; race considerations (race permits, course control, finish line management, results etc): $10. Anything above that $25-$30 you could probably argue is a tax donation. Just as you might argue the value of clothing donations to Goodwill etc.
Just one runners opinion.