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What has been the most surprising royal event of 2010?

Are tax-deductible tickets to a charity event purchased in 2010, but used in 2011, deductible in 2010 or 2011?

  • I bought tickets for a charity event held in January 2011, but my credit card was charged in December 2010. I realize I cannot deduct the full amount of the tickets (I've already been notified as to the percentage that is deductible); but of that which *is* deductible, do I deduct it in 2010 or 2011. Please reference the IRS publication that supports your answer.

  • Answer:

    you paid for them in 2010 by charging them you essentially paid for them, now you merely owe the credit card company for any of your purchases, the charity has been paid

RyanS at Yahoo! Answers Visit the source

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Most tickets to charity events are not deductible. The only deduction that you receive is for the excess over fair market value that you paid for the tickets. If any part of it is deductible, the charity would have told you how much of the ticket price was your optional deductible charitable donation. If they didn't give you an amount (it's often on the ticket stub) then none of it is deductible. If any is deductible it's deductible when you paid, 2010 in your case.

Bostonian In MO

The day you paid. Cash or charge, doesn't matter. Of course if you don't itemize, it won't make a difference. Yes I know the IRS pub, but if this is a homework question, you get either the answer or the pub.

Quick Answers

2010, that's when you're considered to have paid it, when it was charged to your credit card. The donation part of the tickets was made then.

Judy

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