1. 05-21-14 09:44 PM #1
    TheCentaur
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    How does Lance Stephenson claim the 5k flop fine on his taxes?

    Itemized deduction?

    Business expense?

    Entertainment expense?
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  2. 05-21-14 11:30 PM #2
    akphidelt
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    Doesn't the NBA give all fines they receive to charity? Maybe he includes it in that.
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  3. 05-21-14 11:43 PM #3
    TheCentaur
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    Hmmm you could be right
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  4. 05-21-14 11:45 PM #4
    d2bets
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    But Stephenson is not giving it to charity. Charity is a voluntary gift. This is not voluntary. Did he say he deducts it or something?
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  5. 05-21-14 11:47 PM #5
    d2bets
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    Penalties and fines. Penalties paid for late performance or nonperformance of a contract are generally deductible. For instance, you own and operate a construction company. Under a contract, you are to finish construction of a building by a certain date. Due to construction delays, the building is not completed and ready for occupancy on the date stipulated in the contract. You are now required to pay an additional amount for each day that completion is delayed beyond the completion date stipulated in the contract. These additional costs are deductible business expenses.

    Maybe it's deductible as a nonperformance under contract?
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  6. 05-21-14 11:49 PM #6
    d2bets
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    Business expense.

    http://www.crainsdetroit.com/article...-tax-write-off
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  7. 05-22-14 12:41 AM #7
    TheCentaur
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    Quote Originally Posted by d2bets View Post
    Business expense.

    http://www.crainsdetroit.com/article...-tax-write-off
    Interesting, thanks D2!

    It said players are played weekly during the season. It makes it sound like they get a w-2 which I find hard to believe. I'm wondering where they would deduct the business expenses? Schedule A? Schedule C?

    It said in that article with a 100k fine there is only like an 8k tax reduction. Ouch! Must be some phase outs or limitations in there I guess
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  8. 05-22-14 01:14 AM #8
    TheMoneyShot
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    These write offs don't help you out as much as you would think. What does he get off his taxes?? Like maybe $75 off?
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  9. 05-22-14 01:57 AM #9
    TheCentaur
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    Quote Originally Posted by TheMoneyShot View Post
    These write offs don't help you out as much as you would think. What does he get off his taxes?? Like maybe $75 off?
    If it were a reduction in taxable income, after federal and state taxes it could be close to half of the total fine in taxes
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