Any CPAs out there that can weigh in on this topic?
For 2020 you can take an above the line tax deduction of up to $300. So if you take the standard deduction, this will be in addition to that. I would love to see this expanded to every year, and have no limit, but for now it appears this is a great one-year opportunity to deduct a $300 gift to the 49ers.
If you itemize, you do not get 100% deduction for gifts supporting university athletics. In my particular case, and maybe for everyone, my contribution is reduced by $250 for deduction purposes. Don’t know if this would apply for this year’s $300 charitable contribution with standard deduction, but if it does, then one might consider just giving the $300 to UNCC academics and realize the full amount reduction to AGI.
Good luck to you on getting a straight answer to this (in relation to giving the money to athletics) from the IRS.
clt advises to write it off.