Would my parents donating to my school fundraiser count as a tax deduction?
Posted on April 16th, 2010 in fundraising |
Tisiphone asked:
I need 300 dollars for my school fundraiser so I can participate in a competion that my director says he will pay for if we can raise 300 dollars for the Drama Department’s Dance-a-thon. My parents might be more willing to help me pay if the money is tax deductable.
I need 300 dollars for my school fundraiser so I can participate in a competion that my director says he will pay for if we can raise 300 dollars for the Drama Department’s Dance-a-thon. My parents might be more willing to help me pay if the money is tax deductable.
4 Responses
It might not be tax deductable. Only charitable contributions given to an certified collection organization, social group or churches are considered tax deductible. Also, to claim a deduction, you will need receipts as proof of your contribution. Another way to look at this is that, if your school does not give receipts to the donors, then it’s not tax deductable
You will need to check with the darma department. Most schools are considered charitable organizations. If they donate to the school on behalf of the drama department it could be tax deductible. If the group is sponsored by a PTA, it also would be tax deductible.
It also depends on whether your parents would get anything for the donation. If they receive nothing and just give the full $300 to the dance department it would be tax deductible. Otherwise they could only deduct the amount over the value of whatever they would receive.
Depends on how things are set up. But if the money is designated to be used for you to go to the competition, then it most likely would not be deductible.
No it will not .