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I have a owner who has a HUD contract that provides subsidy

Customer Question
to the apartment at his...
I have a owner who has a HUD contract that provides subsidy to the apartment at his property. He is converting his property from affordable to conventional and HUD will allow him to transfer the amount of his contract and the amount of it to another apartment owner. He wants to transfer this to an non-profit and asked me if he could do that as a donation and get a donation receipt for the contract? If he can how do we determine the value..
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I don't think so. This is a new question to me.
Submitted: 1 year ago.Category: Tax
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Answered in 3 hours by:
10/21/2016
Tax Professional: Barbara, Enrolled Agent replied 1 year ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,459
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

I would have to agree with you.

If the goal is a legitimate tax deduction, then you must be giving to a qualified organization. Also, you cannot deduct contributions made to specific individuals, political organizations and candidates. See IRS Publication 526, Charitable Contributions, for rules on what constitutes a qualified organization.

https://www.irs.gov/uac/eight-tips-for-deducting-charitable-contributions

https://www.irs.gov/pub/irs-pdf/p526.pdf

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 year ago
Are contracts for a specific payment that are donated to a qualified organization considered something the IRS will recognize as a donation? How would he determine the value of the donation? Can you donate a contract that makes payments to the organization and deducte it as a charitable donation?
Tax Professional: Barbara, Enrolled Agent replied 1 year ago

The contributions must be made to a qualified organization and not set aside for use by a specific person.

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Tax Professional: Barbara, Enrolled Agent replied 1 year ago

Just following up with you to see if you have any other questions or require further clarification on this topic. If so, please let me know, and I will be happy to assist you further.

Best regards,

Barb

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Customer reply replied 1 year ago
That does not answer what I have been asking about both times. I know it has to be made to a qualified organization. I was asking about what is being donated.
thank you.
Tax Professional: Barbara, Enrolled Agent replied 1 year ago

I apologize if I was not clear in my response.

The item you are referring to (assignment of HUD contract) to a qualified organization is not a charitable donation.

Best regards,

Barb

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,459
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