Hey everyone I'm a cash grinder and occasional tourney player who has decided to assemble a tourney package for the Hammond WSOP stop and sell off 50% of my action and donate a large portion of my remaining 50% to The Make-A-Wish foundation I have encouraged interested individuals to donate a portion as well, but my question is upon any winnings would the donation be a tax ride off or how exactly will that work? I've been backed lots of times but ive never done something like this before and really hope it turns out well as its something I would like to do more often. Any input would be great so I can put this thing into motion and get some of the action sold!! Thanks everyone.
it wouldnt be a write-off against your winnings. you would deduct your donation just like any other charitable contribution as an itemized deduction on schedule a. whether or not this ultimately gets deducted from your taxable income would be dependent on your specific circumstances. it would never be a write off against the self employment tax though.