Tax Exempt NILs...

[Maroon Eagle]

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[patdog]

Anyone can create a charitable foundation. His NIL earnings will be taxable to him & his contributions into the Foundation will be deductible. There are regulations the foundation will have to comply with, including filing its own tax return.

 

[Maroon Eagle]

Thanks. That tweet didn't provide context.

 

[8dog]

Id bet he will pay himself a salary from the Foundation.

 

[karlchilders.sixpack]

So, are donations (purchases)to his charity, tax deductible?

 

[Cooterpoot]

This government is going to eliminate tax exemptions.

 

[8dog]

Yes. And in theory the Foundation should be using that money for charitable purposes. But again they can also pay reasonable salaries. This guy is begging to get audited.

 

[GloryDawg]

This government is going to eliminate tax exemptions.

Every Congressman and Senators have foundations that their wives and kids get salary from. I know if that will happen. I could be wrong.

 

[patdog]

Not sure if you can pay yourself a salary. You can pay family members. That salary is taxable. You’re right that there is some abuse going on (in general), but it’s not quite as wide open as you might think.

 

[8dog]

You can pay yourself a salary. But it looks like this kid is actually charitably inclined which is great