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Are entry fees into charity poker tournaments tax deductible?

Let's say you're playing in a tournament with a $200 buy-in. $100 of the fee goes to the charity, the other $100 goes into the cash prize pool. Is any of the $200 buy-in tax deductible?

Posted 781 day ago

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montie 		The portion of the buy-in that represents the actual charitable donation is deductible.

Posted 781 day ago

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armenece 		Dear TJ: The $100 designed to go to the charity is deductible if the charity is a recognized 501C listed entity. Remember the winnings are reportable as income but if you itemize you can write off your losses up to your winnings. Be sure to get registered with the tourney officials or the casino if held at a casino.

This advice was prepared based on our understanding of the tax laws in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

Posted 781 day ago

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