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I launched a non profit association in Texas this year. It
Hi Mark, this is Michael... I launched a non profit association in Texas this year. It is not a 501(C)(3) at this point in time, but only a non profit association. Donations are still below the $5000/$7500/$15000 limit rule provided by the IRS, therefore there are no reporting requirements at this point. I have recently purchased and I am currently restoring a 2007, BMW 328 i that I plan to donate only "part of the proceeds," as a good, so that this newly formed non profit can provide it for sell at an auction. My first question - is as the donor, am I entitled to claim a fair market value charitable deduction for the contribution of appreciated property to this new non profit association that will later be sold? Under the circumstances, It appears that the law limits a donor's charitable deduction to a donor's tax basis in a contributed property and does not permit the donor to claim a fair market value charitable deduction for the contribution. My second question - is there a way to get back part of the money that I used to buy and restore the vehicle as a reimbursement for the actual costs that I spent to restore the vehicle? Again, I would only seek to reimburse the fair market value once the vehicle was sold and anything above either what the vehicle actually cost and or the actual fair market value of the vehicle? My hope is that whatever proceeds that could be generate at the auction above the fair market amount would go directly to the non profit association and since the auction won't begin until 2019 that if those proceeds generated exceeds the 5000/7500/15000 rule then I could simply incorporate and file for the 501(c)(3) status in early 2019, even if after the vehicle is sold? That way we can still meet the reporting requirements and possibly still use the 501(c)(3) status since technically we could get granted that status in the same 2019 year? Of course, the third question is that I have also considered getting help from a "fiscal sponsor" that already has a 501(c)(3) status and that could offer to arrange for the sell on our behalf to help this new non profit association get the car sold? Specifically, the Treasury Regulations under section 170 provide that if a donor contributes tangible personal property to a charity that is put to an unrelated use, the donor's contribution is limited to the donor's tax basis in the contributed property. The term unrelated use means a use that is unrelated to the charity's exempt purposes or function, or, in the case of a governmental unit, a use of the contributed property for other than exclusively public purposes. The sale of an item is considered unrelated, even if the sale raises money for the charity to use in its programs. I know there are a lot of questions here, can you please help me understand how to get a better understanding of what I am trying to do... … read more
Lev
Lev
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Lev, I belong to a 501(c)19 organization and am trying to
Hi Lev, I belong to a 501(c)19 organization and am trying to find out the difference between the (c)3 and our designation… read more
Lev
Lev
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A couple is working with a residential builder who indicated
A couple is working with a residential builder who indicated to them if they buy a tear down house to build a new home on top of the land, the company would come in & gut the house of its fixtures, fl… read more
Lev
Lev
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27,814 satisfied customers
I have an income of just over 50,000.00 dollars in 2014 and
I have an income of just over 50,000.00 dollars in 2014 and have 44,000.00 worth of charitable contributions due to having received an inheritance. Can I take all of that as a deduction this year or w… read more
Tax.appeal.168
Tax.appeal.168
Principal
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In regards XXXXX XXXXX deductions - Taxpayer runs marathons
In regards XXXXX XXXXX deductions - Taxpayer runs marathons to raise money for qualified charitable organizations throughout the state and interstate. Few questions: Are the Registration fees to sign … read more
Lev
Lev
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27,814 satisfied customers
I live in New York state. I used to contribute to a traditional
I live in New York state. I used to contribute to a traditional IRA and those contributions were deducted from my taxable income by my accountant. He advised me after I got married (and filing separat… read more
Lev
Lev
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what is the limitation for deductibility for California & Federal
what is the limitation for deductibility for California & Federal charitable donations from a C Corp?… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
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If you pay a bank as a loan guarantee of the debt of a 501c3
If you pay a bank as a loan guarantee of the debt of a 501c3 charitable organization will you get a tax deduction… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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There is a national organization that is a 501(c)3 and has
There is a national organization that is a 501(c)3 and has a stated philanthropy. Many state and local subsideries operate under the big corporation 501(c)3 status. My question is this: is there a per… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,606 satisfied customers
I am filing a single status. What is the maximum value of clothing/household
I am filing a single status. What is the maximum value of clothing/household goods can I donate to a non-profir organization(s) (Good Will etc.) without a reciept.… read more
Lev
Lev
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Bachelor's Degree Equivalent
27,814 satisfied customers
Brooklyn and Bronx Corporations become an affiliated group
Brooklyn and Bronx Corporations become an affiliated group at the beginning of the current year. Will the corporations obtain a greater charitable contribution deduction for the current year by filing… read more
Lev
Lev
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Bachelor's Degree Equivalent
27,814 satisfied customers
Our 501,c,3 LLP is building a club house for our soaring club.
Our 501,c,3 LLP is building a club house for our soaring club. It is on a public airport and we have a 30-year lease on the land. Is it acceptable to build the club house with our money, have the buil… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
I live in Wisconsin, and I would like to know if putting more
I live in Wisconsin, and I would like to know if putting more money into a 529 account and donating to a church help me from owing the irs?… read more
Bill
Bill
Master's Degree
3,132 satisfied customers
I have a rather expensive car that I would like to donate to
I have a rather expensive car that I would like to donate to charity for a hopeful federal tax credit. My question, how much can I give to charity and how does it affect my personal taxes?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 satisfied customers
What is the limitation of a pass through entity such ...
What is the limitation of a pass through entity such as a LLC in taking/claiming a charitable contribution deduction on the partnership to ultimately be reported on the K-1s.38961.4681166667… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
Gambali, a calendar-year, accrual basis S corporation, ...
Gambali, a calendar-year, accrual basis S corporation, makes regular and substantial contributions to local tax-exempt charitable organizations. On December 20, its board of directors authorized a $17… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Please tell me the different percentages required between ...
Please tell me the different percentages required between an operating charitable foundation and a non-operating foundation. Is there a special form if you are switching from one to another or do you … read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
My wife just joined a church (baptist). She will tithe her ...
My wife just joined a church (baptist). She will tithe her income (10% of her gross income). I wonder if we get tax deduction for her church donation. Is 100% deductible? Is there a limit? Is there a … read more
Lev
Lev
Retired
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27,814 satisfied customers
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