Parents Sponsor...

[tooootsie]

OK we will figure a better way. I do not want to negate any eligibility for any thing in the future. Thank you everyone for the advice. I never thought of this being an issue, and am thankful that you all understand the rules better.

 

[claudidoll]

Perhaps you could do the math and see how a donation would affect her tax return and then she could gift you the difference. I presume she would only
Get a portion if the amount back anyway

 

[LemonLime]

The only organizations to which you can donate and receive a tax-deduction for a donation are 501(c)(3) organizations. Official Little League organizations are 501(c)(3) non-profit organizations. Also, the donations are given to the organization - not to a specific child.

Some boosters at gyms are also 501(c)(3) organizations. If you donate to one of those, you can get a tax deduction. The money has to go to the booster, however, and not an individual child. The booster can take the money in the general pool and vote it to an individual child if it wishes, but that ear-mark to the child cannot be a sham or tied to working for the booster, etc.

No NCAA athlete can be sponsored by anyone . . . ever . . . Period. There are exceptions for immediate family but I do not know what the NCAA definition of immediate family is.

As an aside, a gymnast cannot be in an advertisement as a gymnast (even if not paid) or they will lose their NCAA eligibility. There are very limited exceptions to this particular rule, however.

If your sister is not considered immediate family under NCAA regulations, then she can pay you extra wages to cover the $350/month but then you will owe income tax on it and she will owe related employer taxes.

 

[Gymdad2]

Gwenmom,

I don't know what current IRS law is about gifts, but at one time any gift over a certain amount was taxable and had to be reported to the IRS.

 

[skschlag]

As an aside, a gymnast cannot be in an advertisement as a gymnast (even if not paid) or they will lose their NCAA eligibility. There are very limited exceptions to this particular rule, however.

So, if a gym uses pictures of the kids in their ads, is that a violation? I know ours does this a lot! Several team members have been in ads in pictures from workouts.

 

[gymgal]

As an aside, a gymnast cannot be in an advertisement as a gymnast (even if not paid) or they will lose their NCAA eligibility. There are very limited exceptions to this particular rule, however.

I thought this was for current collegiate athletes only, not prospective athletes. I know prospective athletes cannot be compensated for any work that is related to his/her sport, including modeling. However, it is my understanding that they can model for free. For instance, the Leo makers all use volunteer gymnasts to model their wear. On their sites, they specifically say it must be volunteer so that it doesn't void NCAA eligibility. That includes no free leotards. Am I wrong on this??

 

[gwenmom]

Gwenmom,

I don't know what current IRS law is about gifts, but at one time any gift over a certain amount was taxable and had to be reported to the IRS.

The tax is owed by the GIVER not the receiver. And yes there is a yearly amount that can be given without reporting. I will not go into how complicated it can get over the amount. I believe it is $14,000 this year.

 

[LemonLime]

I thought this was for current collegiate athletes only, not prospective athletes. I know prospective athletes cannot be compensated for any work that is related to his/her sport, including modeling. However, it is my understanding that they can model for free. For instance, the Leo makers all use volunteer gymnasts to model their wear. On their sites, they specifically say it must be volunteer so that it doesn't void NCAA eligibility. That includes no free leotards. Am I wrong on this??

Yes, you are wrong because you are mixing together two, separate ideas and jumping to the incorrect conclusion.

There is no difference between NCAA athletes and prospective athletes in terms of amateurism. NCAA athletes have different risks in terms of promoting goods that are policed by their respective universities.

There are "very limited exceptions" to the amateurism rule as I said above - leotards are expressly one of the exceptions.

 

[gymgal]

Yes, you are wrong because you are mixing together two, separate ideas and jumping to the incorrect conclusion.

There is no difference between NCAA athletes and prospective athletes in terms of amateurism. NCAA athletes have different risks in terms of promoting goods that are policed by their respective universities.

There are "very limited exceptions" to the amateurism rule as I said above - leotards are expressly one of the exceptions.

thanks for the clarification

 

[tiffl917]

I know this is an older post, but can anyone clarify when NCAA eligibility actually begins? If you have young children...can family and friends donate to you for the cost of their lessons, fees, etc.? Nothing to do with being tax deductible, but as small gift donations? For example...GoFundMe accounts. Thanks!

 

[bookworm]

I would not do a gofundme account for their gymnastics ....any payment counts

 

[raenndrops]

I know this is an older post, but can anyone clarify when NCAA eligibility actually begins? If you have young children...can family and friends donate to you for the cost of their lessons, fees, etc.? Nothing to do with being tax deductible, but as small gift donations? For example...GoFundMe accounts. Thanks!

I wouldn't do a GoFundMe account, but if a relative wants to help pay for gym, it is still the family paying... a check directly to the gym or to the child (birthday, holiday, etc GIFT) or to the parent IS acceptable. This is not a DONATION, but rather a GIFT ... and then it is technically not a perk they are getting FOR doing gymnastics.

 

[LemonLime]

NCAA amateurism rules apply at every age.