Is the cost for my basketball skybox rental totally deductible?
Answer:
No. There is a 50% cost limitation on meals and entertainment that include skyboxes. Also, if the rental is for more than 1 game, you are only allowed to deduct the face value cost of the non-luxury box seats for the number of seats in the box as the deductible amount. The deduction would be claimed on IRS Schedule C or Form 2106.
