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2018 NEW TAX LAWS
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ODU BBALL Offline
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Post: #11
RE: 2018 NEW TAX LAWS
I don't think that most people donate to charity mainly for the tax write off. Haven't seen anyone getting a receipt from the Salvation Army when they drop money into the red pots outside of malls, grocery stores, etc.

Besides, if people have more money in their pay checks or from yearly bonuses then they will be more likely to be charitable with some of it than if they were living on the edge monetarily.
12-22-2017 10:24 PM
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DaBigBlue Offline
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Post: #12
RE: 2018 NEW TAX LAWS
Ok your a big donor, who gives in the 5 figures. Your gift to ODAF can't be written off, but your gift to the school can. I think contributions could go the other direction. Remember private jets can be written, not student loans.
12-23-2017 01:52 AM
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The Doctor Is In Online
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Post: #13
RE: 2018 NEW TAX LAWS
You’ve got a good point. We saw Wood with a tin cup and pencils asking for donations out in front of the Exhibition Hall last night.
12-23-2017 08:28 AM
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ODU BBALL Offline
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Post: #14
RE: 2018 NEW TAX LAWS
(12-23-2017 01:52 AM)DaBigBlue Wrote:  Ok your a big donor, who gives in the 5 figures. Your gift to ODAF can't be written off, but your gift to the school can. I think contributions could go the other direction. Remember private jets can be written, not student loans.

It would be nice to have a poster that has donated 5 figures ($10,000 - $99,999) to hear what impact if any they see this new tax law having on their annual donation to ODAF. I could see people that donate that much being more likely to itemize than I am.
12-23-2017 09:14 AM
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Monarchblue Offline
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Post: #15
RE: 2018 NEW TAX LAWS
(12-23-2017 01:52 AM)DaBigBlue Wrote:  Ok your a big donor, who gives in the 5 figures. Your gift to ODAF can't be written off, but your gift to the school can. I think contributions could go the other direction. Remember private jets can be written, not student loans.
Fake news. Student loans can be deducted.

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12-23-2017 10:25 AM
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DaBigBlue Offline
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Post: #16
RE: 2018 NEW TAX LAWS
(12-23-2017 10:25 AM)Monarchblue Wrote:  
(12-23-2017 01:52 AM)DaBigBlue Wrote:  Ok your a big donor, who gives in the 5 figures. Your gift to ODAF can't be written off, but your gift to the school can. I think contributions could go the other direction. Remember private jets can be written, not student loans.
Fake news. Student loans can be deducted.

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That's good at one point it was out. Alternate Facts.
12-23-2017 11:57 AM
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Monarchblue Offline
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Post: #17
RE: 2018 NEW TAX LAWS
(12-23-2017 11:57 AM)DaBigBlue Wrote:  
(12-23-2017 10:25 AM)Monarchblue Wrote:  
(12-23-2017 01:52 AM)DaBigBlue Wrote:  Ok your a big donor, who gives in the 5 figures. Your gift to ODAF can't be written off, but your gift to the school can. I think contributions could go the other direction. Remember private jets can be written, not student loans.
Fake news. Student loans can be deducted.

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That's good at one point it was out. Alternate Facts.
"At one point" is not the law. Fake news comment was because they didn't hold back in making sure you knew that there was something unpopular in the bill, but clearly were not nearly as interested in letting you know the public's complaints had been heard and addressed in the final bill.

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12-23-2017 11:24 PM
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T-Mac Offline
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Post: #18
RE: 2018 NEW TAX LAWS
(12-23-2017 01:52 AM)DaBigBlue Wrote:  Ok your a big donor, who gives in the 5 figures. Your gift to ODAF can't be written off, but your gift to the school can. I think contributions could go the other direction. Remember private jets can be written, not student loans.
It won't affect my donation at all. Lowering the corporate tax rate easily offsets the reduction of that write-off. My guess is most people in the black and silver lots are running their donation through their businesses.

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12-24-2017 12:01 AM
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BigBlueMonarch Offline
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Post: #19
RE: 2018 NEW TAX LAWS
(12-22-2017 09:00 PM)ODUBB35 Wrote:  
(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.

Only if you have more than 24k to give :)

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.
12-24-2017 07:37 AM
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ODUDJ96 Offline
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Post: #20
RE: 2018 NEW TAX LAWS
(12-22-2017 09:00 PM)ODUBB35 Wrote:  
(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.

I agree - the deduction was not my main incentive. My main goal is to improve my view of the game, and I like the blue room access (quick cut through to my seats).
12-28-2017 09:28 PM
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