Suing over failed NIL deal

Football
61

Confirm what? The guy told me he donated $1 mil for 2 years

62

and he was able to write it off on his taxes for NIL purposes?
This is the very first example that I have heard.

63

I agree with 92010, a NIL donation is NOT a donation to a charity or other such tax exempt institution, it is bribe money to get a football player to attend your school.

Shouldn’t be tax exempt and the player should pay taxes, per his income bracket.

Maybe this NIL booster got one over on the IRS and was able to categorize it as a "education donation " but I imagine those days are over

Now businesses can use NIL as part of their marketing budget- that’s a different animal

5 Likes
65

The IRS has publicly stated that NIL is on its radar.

IRS Memo dated May 23, 2023:

IRS priorities for FY2025 states:
image
https://www.irs.gov/pub/irs-pdf/p5313.pdfwou

I would not donate to a NIL for the tax deductibility.

3 Likes
66

My buddy is the #1 booster of a Big 12 school. He said the school has a way to make it deductible. I expressed my surprise but he was confident.

He recently sold a parcel of land for 9 figures so he needs the deductions

67

Must be ut :sunglasses:

68

Has anyone called our Collective to confirm it is tax deductible?

69

Are you sure graft isn’t deductible?

70

Thats the beauty of the US tax system you can deduct anything as long as you don’t get audited.

Also may have paid using a company, may not have been a charitable deduction.

2 Likes
71

If NIL is tax deductible then every rich guy is going to have a child “walk on” and be a NIL recipient to avoid gift taxes.

72

IRS (US government) delivers results at about the speed of birthing elephants. Near two years to see any results . . . . .

73

Anything is deductible if you don’t get caught . . . . .

74

Reminds me when I had to pay a fine of just under $4k for not having health insurance during part of a year. I asked some of my extended family what they had to pay since they were a family of 5 and haven’t had insurance for multiple years. Their response, “We didn’t have to pay anything, we just said we had it”.

Had no idea we were on the honor system for that one.

75

Rashada got a settlement before it went to trial.

Evidently Florida didn’t want something coming out during discovery