New Mexico auction !! Insanity !!!

[Minute_of_Antelope]

These are typically considered donation, not business expense. I don’t know about NM, but my experience elsewhere was a charitable donation.

Yeah, I don’t think guys treat it as a business expense, rather it acts as a tax credit (payment to a state agency) for their otherwise sizable individual income tax bill. My understanding is that they’d rather pay 50k and get a tag out of it than otherwise pay 50k in state taxes with nothing to show for it (other than use of roads, etc).

but, I’m not a tax lawyer, so I could be mistaken

 

[Loco4dux]

I used to do a return for a guy who bought sheep tags through WSF. The check would go to WSF. We’d deduct it as charitable contribution on Sch A less a “reasonable” amount for the tag. 100k tag, allocate 5k for the tag, 95k charitable contribution. Legit? Idk, I wasn’t signing the return so wasn’t worried about it.

 

[Brooks]

A cream pie last week at a stock show I was at sold at auction for $2500… tax deduction and benefits 4H. Top steers and lambs went for big bucks.

 

[trophyhill]

I’m taking a potential business partner with me to talk business. (That be the army of guides keeping tabs for me) Write off

 

[Short Track]

I used to do a return for a guy who bought sheep tags through WSF. The check would go to WSF. We’d deduct it as charitable contribution on Sch A less a “reasonable” amount for the tag. 100k tag, allocate 5k for the tag, 95k charitable contribution. Legit? Idk, I wasn’t signing the return so wasn’t worried about it.

WSF is a real 501c Charity. So it's legit. I'm not so sure of the others...