2018 NEW TAX LAWS

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ODUBB35 Offline

Heisman

Posts: 8,867
Joined: May 2012
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I Root For: Old Dominion
Location: Stuarts Draft, VA

Post: #9

RE: 2018 NEW TAX LAWS

(12-22-2017 07:50 PM)BigBlueMonarch Wrote:
(12-22-2017 07:23 PM)ODUBB35 Wrote:
(12-22-2017 06:17 PM)ODU2017 Wrote:
(12-22-2017 05:26 PM)DaBigBlue Wrote: I thought the new tax bill, didn't allow any deduction if the contribution was given to get better seats. Might of changed during the process.
No itemized deduction. General deduction only.

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Itemized deductions are allowed, but with a standard deduction of $24,000, there aren't many who will itemize.

Charitable giving is going to plummet not only at ODU, but everywhere. It was an easy and convenient way to get a tax write off. Now there is no advantage to giving.

I don't think so. While tax write-offs were nice, I highly doubt that they are the main incentive for most charitable giving.

Of course, one can always give more than $24,000.

12-22-2017 09:00 PM