UTAH NIL
- Thread starter 220reb
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Holy crap. That's a good way to win the Big 12.
Also, don't be shocked if this backfires (the plan, not the truck). Nice, powerful leased trucks to a bunch if college kids. Obviously there will be decisions made, hopefully they aren't *that* bad decision.
Also, don't be shocked if this backfires (the plan, not the truck). Nice, powerful leased trucks to a bunch if college kids. Obviously there will be decisions made, hopefully they aren't *that* bad decision.
It sounds like it's about a 4M dollar investment ... but I like it. It's conditional. Keep up your grades, stay out of trouble, car to drive for 4 years, keep it when you get your degree. It costs, but it incentivizes, not a freebie. You leave, you lose it.
I wonder what type of tax benefit it would be for the dealership when they do this.
I wonder what type of tax benefit it would be for the dealership when they do this.
Someone let Cliff know about this. I'm sure he has a few Trucks sitting around we could use for our NIL deals.
This is a pretty good idea minus the drama of a kid getting in trouble.
I really am curious to see how this NIL stuff shakes out for players in terms of taxes. Traditionally, even if you're on a full ride scholarship, you're getting your school paid for, and maybe another 2-3k per month in stipend. So either the student would need to file taxes on their own, or file under their parents.
With the NIL stuff, these students are making some pretty good money, and will need to pay taxes on that money. Will the school also provide a subsidy to them to pay their taxes on those trucks? Are parents still going to file with them as a dependent when the students makes more than the parent in some cases?
Seems like a big mess, especially for any kids that don't have much family support, or help in planning and saving to pay for the future tax bills.
@lobbybuu or anyone else, do you know if the students are being coached up on this sort of thing?
With the NIL stuff, these students are making some pretty good money, and will need to pay taxes on that money. Will the school also provide a subsidy to them to pay their taxes on those trucks? Are parents still going to file with them as a dependent when the students makes more than the parent in some cases?
Seems like a big mess, especially for any kids that don't have much family support, or help in planning and saving to pay for the future tax bills.
@lobbybuu or anyone else, do you know if the students are being coached up on this sort of thing?
It's going to be ugly when they transfer and they have to turn the keys back in. It's good optics for now but the better route is to give a monthly stipend.,
I think you're right, it can be a big mess.
But the NCAA simply cannot monitor everything. Don't have the manpower and quite frankly, they don't care, they don't want to know about it. So they opened up pandora's box in the first place and it's led to this.
Kids, families, attorneys, the school itself, they'll figure out the loopholes.
Can't wait till Alabama steps up and gives all 85 kids Lamborghinis...
Those trucks are 6 month leases, so they have relatively easy outs if a player transfers.
Great point. They could make a show about it "the ute versus the repo man"
Oh I agree that the NCAA doesn't care. But the IRS will
I had a lot of friends in college and knew a lot of football players that didn’t have cars, and for most of them that was a good thing.
Wait until the first player goes Georgia equipment manager and kills somebody in a vehicle given to them to drive.
Wait until the first player goes Georgia equipment manager and kills somebody in a vehicle given to them to drive.
And then they retain me to sue the university for negligent entrustment and vicarious liability
From what I have been reading, NIL is not tax deductible at all since it is money going to individuals that in no way are considered a chartable donation. Since it is considered a salary, the football players are most likely responsible for taxes on the value of the benefit provided, but like everything else, this will tax time for the IRS and courts to determine. The following is from an SI article (it appears that this is still under determination):
NCAA president Charlie Baker agrees with the IRS’s assessment that donations to nonprofit NIL collectives are not tax deductible, while he also emphasized that stricter NIL rules could be on the way.
On Friday, the IRS Office of the Chief Counsel published a memo suggesting that donations made to nonprofit NIL collectives “are not tax exempt” because the benefits they provide college athletes are “not incidental both qualitatively and quantitatively to any exempt purpose.”
