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2018 NEW TAX LAWS
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bluelight Offline
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Post: #1
2018 NEW TAX LAWS
In regards to ODAF members, I wonder if the 2018 Trump Tax Law will not allow us to use the ODAF DONATIONS, on our future tax returns after 2017?



Note: With several C-USA football teams in bowl games, I wonder if or how much money,will go to ODU from bowl revenues?
12-22-2017 01:16 PM
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T-Mac Offline
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RE: 2018 NEW TAX LAWS
ODAF might have to alter their algorithm for accumulating points--as yearly donations won't be as likely. You can still write-off donations, just not when you take a standard deduction. Since more people will be taking the standard deduction, it'll take some tax planning to make it work. If you bundle the donations in alternating years, you can still make it work. You'd take the standard deduction one year, and itemize with a larger (double?) donation the following year. You can spread the donation payments across multiple years and take a much larger write-off. In theory, if your current donation is $2,000/yr, you could donate $10,000 every five years. This would allow you to take the standard deduction four out of five years, and have a $10,000 write-off one year.

For those of us who will still itemize every year, nothing should change.
(This post was last modified: 12-22-2017 02:05 PM by T-Mac.)
12-22-2017 02:04 PM
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ODU BBALL Offline
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Post: #3
RE: 2018 NEW TAX LAWS
(12-22-2017 01:16 PM)bluelight Wrote:  In regards to ODAF members, I wonder if the 2018 Trump Tax Law will not allow us to use the ODAF DONATIONS, on our future tax returns after 2017?



Note: With several C-USA football teams in bowl games, I wonder if or how much money,will go to ODU from bowl revenues?

I've been giving four figures worth in donations to ODAF yearly and it has never had any impact on my tax return since I didn't have enough other deductions to add to it to be more than what the standard deduction would provide. I'm thankful for the new tax law and don't see any way that I won't benefit from it. My Roth IRA has been steadily increasing this year as well.

I wonder if ODU has had a significant amount of money invested from taking in people's donations. If so then they too have probably seen a significant increase depending on how they have invested it.
12-22-2017 02:09 PM
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DaBigBlue Offline
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RE: 2018 NEW TAX LAWS
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.
12-22-2017 05:26 PM
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ODU2017 Offline
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RE: 2018 NEW TAX LAWS
(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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12-22-2017 06:17 PM
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DaBigBlue Offline
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RE: 2018 NEW TAX LAWS
The Tax Cuts and Jobs Act (TCJA) eliminated or restricted many itemized deductions beginning in 2018, and raised the standard deduction. That means fewer taxpayers are likely to itemize.
12-22-2017 06:22 PM
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ODUBB35 Offline
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RE: 2018 NEW TAX LAWS
(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.
12-22-2017 07:23 PM
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BigBlueMonarch Offline
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RE: 2018 NEW TAX LAWS
(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.
12-22-2017 07:50 PM
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ODUBB35 Offline
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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
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ODU2017 Offline
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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.
For the super rich in exchange for tickets maybe. How exactly will this affect anyone else?

The way I see it it encourages the rich to donate to a broad variety of orgs not just one.

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12-22-2017 09:19 PM
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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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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 Offline
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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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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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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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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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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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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.

Sent from my SM-G930F using CSNbbs mobile app

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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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.

Sent from my SM-G930F using CSNbbs mobile app

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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