Tax deductible question

[wickedrentq]

Posted: 4/22/06 at 1:42pm

This is probably a really stupid question...but...can someone explain to me how it works? I just realized a lot of Broadway benefits I go to are most likely tax deductible, and I never took advantage of it. I mean, I'd probably use it for my mom, not me, but yeah. What do I do/what does it save/how much, etc? Again, sorry for the...obliviousness in this area, I probably should know better.

[BSoBW2]

Posted: 4/22/06 at 1:44pm

Say, for example, a student paying for a $500 Rent benefit?

[YouWantitWhen????]

Posted: 4/22/06 at 2:35pm

A lot of time the ticket might say how much of it is it tax deductible.

Often times of there is a meal it is disclosed how much can be written off.

"Benefits and Banquets. If you bought a ticket to a benefit concert or some other fund raising event, you generally can't deduct the full price of admission as a charitable contribution. In figuring your deduction, the value of any benefit received such as the cost of the food or entertainment must be subtracted from the ticket price. For example, say you bought a $100 ticket to a benefit dinner. If the value of the meal was estimated at $60, only $40 of the ticket's cost is deductible. The only situation in which you can deduct the full cost of the ticket is if you returned the ticket to the charity before the event. How much the food and entertainment was worth should be disclosed right on the ticket or invitation. Charities are required to provide a written estimate of the value of benefits to be provided when selling fundraiser tickets that cost more than $75."

I am sure there are many that have first hand knowledge of how it works.

There are also IRS Publications on this issue.
IRS Publication