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MrBayAreaHokie
Joined: 11/05/2005
Posts: 33,042
Likes: 28,246
MrBayAreaHokie
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why in the world would an NIL collective get tax exempt status?

Charitable contributions are tax-deductible as a way to encourage and support philanthropy and charitable giving. The U.S. tax code recognizes the value of charitable contributions and offers tax incentives to motivate individuals to donate to various causes. This policy serves to promote support for essential services and needs within communities. What exactly does, "Making my football team better", have to do with any of this?
Posted: 04/08/2024 at 05:05 PM ET
(In response to this post by mjfhokie)

Thread Replies (17)

Full Thread →
So what does latest IRS rumblings on NIL mean?
mjfhokie • 04/08/24 11:32 AM ET
I agree, but...
mjfhokie • 04/08/24 06:06 PM ET
With the new VA state law, all of the NIL can be moved into the
Femoyer Hokie • 04/10/24 08:50 AM ET
Hokie Way is 501c3. Don't think Triumph is**
Pylons • 04/08/24 09:52 PM ET
why in the world would an NIL collective get tax exempt status? ◄
MrBayAreaHokie • 04/08/24 05:05 PM ET
Because orgs like The Hokie Way
Pylons • 04/08/24 09:58 PM ET
The collectives shouldn't be tax exempt, IMO. The payments to the athletes
reestuart • 04/08/24 03:43 PM ET
The "donation" to the tax-exempt NIL is being questioned. Regardless the $
anotherdamnyankeehokie • 04/08/24 01:23 PM ET
I doubt they go so far as to tax the scholarship money.
wwhokie1 • 04/08/24 04:45 PM ET
It should all be taxed. NIL money is "earned" by the athlete and should be
HokieToph • 04/08/24 12:52 PM ET
Payments to athletes are taxable, 501c3 or not**
Pylons • 04/08/24 10:00 PM ET
NIL collectives had tax exempt status? Why?
HokieAl • 04/08/24 12:09 PM ET
The Hokie Way has it
Pylons • 04/08/24 10:23 PM ET
This has been my thought as well. Not sure how this got through**
HboroughHokie • 04/08/24 03:54 PM ET
The NIL payments to athletes are subject to tax now. **
CoolJCPA • 04/08/24 11:41 AM ET
Yeah individuals receiving income from a nonprofit is taxable, but is the
Stech • 04/08/24 10:30 PM ET
It's only tax deductible for the donor
Pylons • 04/08/24 11:04 PM ET
Agreed, that’s what I was trying to say.**
Stech • 04/08/24 11:12 PM ET