NIL deals for college athletes
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Can You Write Off NIL Deals for College Athletes?
Short answer: NIL money is self-employment income, and athletes can deduct agent fees, travel, and gear used for NIL work.
Free products from brands are taxable at fair value.
Records to keep: Keep receipts, 1099s or W-2s, a mileage log, and a note of the business purpose. W-2 employees should ask about employer reimbursement.
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NIL deals for college athletes
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Content Creation
Write-Offs by Job
NIL money is self-employment income, and athletes can deduct agent fees, travel, and gear used for NIL work.
BizWriteOffs provides educational information only and is not tax, legal, or accounting advice. Deductibility depends on your specific facts and records. Consult a qualified tax professional.
Business justification
NIL money is self-employment income, and athletes can deduct agent fees, travel, and gear used for NIL work. Free products from brands are taxable at fair value.
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- Write-Offs by Job
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