A friend of mine has a son who is a very talented hockey player but his dad finances won't allow him to go to some tournement. He has asked me to sponsor his son ($1000). Can this be used as a write off on my taxes?
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Yes ofcourse it could be used for writing off your taxes. You just need to make the payment and take proper receipt for it. And then you can show the payment for tax elimination from your other income.
And it is a virtue as well. Good luck
answered 4 months ago
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A business could possibly deduct an athletic sponsorship as advertising (but that might be stretching it). An individual can only get a charitable deduction by contributing to an IRS-approved organization. In my opinion there would be no deduction for this unless it is contributed to a charitable organization. CPAGreg
answered 4 months ago
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