Bruce wanted to be an Olympic skater. His family paid $12,000 in 2019 and $14,000 in 2020
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Bruce wanted to be an Olympic skater. His family paid $12,000 in 2019 and $14,000 in 2020 for travel and training expenses related to skating practices and competitions. Bruce made the 2022 U.S. Olympic team. While the U.S. Olympic Committee is a tax-exempt organization, Bruce did not make any payments directly to the organization. How much of Bruce’s expenses are deductible and when?
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The expenditures are not charitable contributions because they are not made to an exempt organizatio...View the full answer
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