Texas A&M recently auctioned off the rights to premier rooms located in their on-campus hotel. If this sentence is confusing, you aren’t alone. As tax deductions for things like football and basketball suites become increasingly scarce, the Aggies decided to get ahead of the curve with hotel room licensing.
Basically, Texas A&M will allow you to pay $100,000.00 (if you win an auction) for the right to reserve hotel rooms in the new Texas A&M hotel currently being constructed on campus. Your name will appear on the door of the hotel room and you get first dibs on these premium rooms directly adjacent to the football stadium. This $100,000.00 fee is complete tax deductible, although the website does recommend you speak to a tax professional before shelling out the 100k. A couple of things to watch:
- prices depend on the game being played (much like other hotels in the area)
- donors must reserve the room 45 days in advance of any football game
- hotel has a pool, 24 hour room service, sports bar, and conference center
- the hotel is using a private/public development partner, so watch out for IRS red flags if making the deduction
- the hotel is being paid for by private funds and NOT student funds
- this donation does NOT count towards 12th Man priority points for sporting events
This is an interesting idea and should provide Aggies the ability to stay in luxury while they watch their team lost at home.
If you have an interest in Aggie Football and happen to have $100,000.00 burning a hole in your pocket, do I have an idea for you!
If you need help designing an Estate Plan that may or may not leave money to an Aggie hotel, please give us a call today.
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