Alumni Hall
Well-known member
New NIL Collective…so how many collectives are we up to?
NIL’s
- Thread starter Demo
- Start date
Wow, was this just announced today? Some big names but first time hearing about it.
I'm all for NIL but they shouldn't be tax deductible. These aren't real charities.
IRS ruled that they aren't charities unless bonafide charitable cause. Paying players to do clinics will not fly. Makes it much harder to solicit from individuals
Yep I should've reworded, meant that NILs shouldn't be set up that way because of the IRS ruling, and I also agree with their ruling.
Create the Church of the NIL and not only are all contributions deductible, but you won't have to file any tax documents to Uncle Sam.
Hey now don't undersell, we're going for the 23 years exemption!
How many youth football players have six-figure deals? A 9-year-old in Snoop Dogg's league does
Third-grader Ghalee Wadood Jr. landed a six-figure NIL deal after a stellar season in Snoop Dogg's youth football league. His father says it will prepare him for life beyond the game.
www.latimes.com
Why does this upset me? Maybe because a kid who may have cone from nothing burns the first real $ he has ever made on a car that will be worth half as much in 3 years. Old story among athletes making money. Ncaa should require courses in fiscal responsibility. For top NIL recipients they could be building a sizeable nestegg for their future. I hope this the exception but fear its the rule. So many kids will earn more in NIL than they will post college playing abroad.
This third NIL collective is interesting. Obviously a capital markets guy bringing in recognizable former players as marketing tools. Hopefully this collective has access to a different stream of wall street money - that would be awesome. But I hope their objective is not profit - there's just not enough revenue to do that honestly. Does anyone here know this guy? Be interested to hear.
On that note i do know the flattop guys. Both are honorable good guys and I trust their intentions are to help SJU and not get rich. As is Vin and Storm Marketing.
I read it as- the Car was part of his NIL deal... like a perk of signing of sponsorship... Good for Justin.
You guys think the guys first name is "Tri-Point"?
Stevep502
Well-known member
I very strongly Suspect that most cars/SUVs like this are equivalent of free leases, not gift/title transferred.
if a kid leaves after 1-2 years, no more free car, no need to transfer title back.
Who is going to pay the income tax on the car? I don't see SJU NIL giving cars as not much parking on campus--nil will include prepaid Uber cards, the preferred means of travel for NYC younger folks,
The free lease will be taxable income based on tbe value of the gift, insurance for under 25 driver sky high, tregistration, inspection and maintenance. Being given a car as part of an NIL deal even if leased triggers a taxable income event unless car is used exclusively for nil services provided.
While NIL's are not tax deductible, you as an individual or a business entity, can give players money. For example, if your company is having a party, you can inite 5 players to mingle and talk basketball, pay them a $1,000.00 each for being there a couple of hours then write it off as a business expense.
"Paul Miller Ford" is a Ford dealership, and as part of the sponsorship they gave him a Ford. I don't see anything wrong with that, if he posts about it on social media (which he already has), then that's the whole point of NIL. Now, will Paul Miller Ford actually recoup the expense of the car in revenue? Doubtful, but I'm sure the same is true for most NIL deals. Can't fault either the kid or car dealership for this.