OT: OFF TOPIC P5 NIL
- Thread starter bcvegaspt
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It’s unreal, is it lease or ownership?
It’s too hard to compete for some guys. UNLV is limited and they have to be selective.
It’s not really an NIL deal if your only leasing it. Come to Texas and we will let you borrow our lambo for 6 months then you have to give it back. Much better deal than getting 500k cash from another school. People getting cars is stupid. It’s literally getting nothing to play there
Wait until this kid gets hit with the tax even if it is a lease. IRS is going to have a lot of fun.
Smart for Texas/ the person financing the Nil. At least they get the business tax benefit for their “employee” using a “company” car.
Oh I get it, but for kids to be transferring chasing after money. If they are chasing after a lease on a car regardless what kind it is. They will end up homeless not long down the road as they clearly are not smart. Zero benefit for the player
Good try. You do not get a tax write off for paying for a lease for an athlete. I think you will find a lot of college athletes in trouble with the IRS in the following years. The only way a car that is leased can be written off is if it is used exclusively for the job and the person who gets the vehicle actually works for that company.
Chief counsel for the IRS concluded in AM 2023-004 that many NIL collectives do not qualify as tax-exempt under Section 501(c)(3) because they operate primarily to benefit the private interests of student-athletes rather than a charitable cause, calling into question the future tax treatment of these organizations.
exactly. Those giving money to the collective don’t get a charitable deduction, and the boosters using athletes as marketers and paying them won’t get a deduction either. The player will have an acquisition of wealth and will have to count that as ordinary income. If the transactions are more than $600 there will be a need for a 1099 and I doubt anyone will be doing them. It’s going to get really ugly really fast
Unless you were broke and didn't have a car. Would seem pretty handy then.
You are making my point as to why YOU need a whole life policy!
Come into my office ASAP. I have a brand new pen that you can sign your life away with. I mean, this will be perfect for you and your family.
To get an idea. I don't know how much money total for the UNLV MBB team is but Bronny James get $2.0+ Mill this year @ USC by himself
How much of that is brokered by his dad though? He's kind of like Arch Manning. He wouldn't get nearly the same notoriety if not for his last name
Zimmermom has got to be pissed she missed out on all this NIL stuff lmao.
I grossly undervalued Bronny.
Top 20 College Athletes With The Highest NIL Valuations
Weirdly for some time college athletes making money in college sports regarding Name, Image, and Likeness is a normal thing. Numerous college
1075thefan.com
And that other kids family Muhammad or something like that?!
take it back farther. Imagine LJ, Augmon, JR Rider, Shawn Marion, Greg Anthony, etc, with NIL money
Isn't the point of the NIL collectives to function as the Charititable organization and allow those wealthy donors to "donate" to the collective to use it for tax purposes? The buisnesses still get the public exposure but also the tax breaks?
I think the point is to pay the players. Yeah, the businesses get some exposure if/when they use the athletes for their marketing material, but from what I've seen, it's not considered a charitable gift. It's more of a marketing expense, I'd guess. I'm not an expert though, so could be wrong on that.
DeColdest Crawford made some nice bank at Nebraska off a HVAC company, which was brilliant. And I don't think he even played a snap there.
I don’t know whether he got paid or not and I’m not here to accuse anyone. If you want to post that he got paid than do it without me!
When you donate money to a private individual, who is not a charity, that is income.
Right, the players are going to get nailed if they're not taking taxes into account, but let's go with the "car leases" scenario...
Owner of car dealership donates to an NIL the rough sum of 85 500$ a month car leases... the NIL collective distributes the money in the form of leases to players from said dealership... that's how I see these funds playing out as "write offs".... kind of like endowments, where people donate large sums and dictate where the money goes to while being named as a "donor"...
Owner of car dealership donates to an NIL the rough sum of 85 500$ a month car leases... the NIL collective distributes the money in the form of leases to players from said dealership... that's how I see these funds playing out as "write offs".... kind of like endowments, where people donate large sums and dictate where the money goes to while being named as a "donor"...
Couldn’t you structure it to be one though? “Foundation for advancing [insert school] athletics”? Have the NiL paterons donate to a fund that will “sponsor” players with “need”. Make it a handshake and a “suggestion” that the donation goes to someone with a specific needs situation.
It’s greasy and I hate it. But could it be done without people getting wacked by the irs?
It sounds like the IRS has already spoken on the issue. Also, athletics is not one of the prongs allowed under 501c3. Education is one, but I’m guessing the IRS doesn’t think NIL collectives benefit education at all.
The IRS will never let that go. None of these players who already get full rid scholarships are in need. They now list themselves on many accounts as professional athletes. When was the last time a professional athlete didn't get stuck paying taxes? Students who pay for an education can't even write that off.
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