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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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Bachelor's Degree Equivalent
27,826 satisfied customers
Concerns capital gains loss for a residential property. I
Concerns capital gains loss for a residential property. I sold this property to my brother in 2005 for 200k. My agreement with him was to purchase the property back in the future for 200k. (The transf… read more
Robin D.
Robin D.
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I buy and sell cameras on Ebay. on 2017 I purchased more
Hi there, I buy and sell cameras on Ebay. on 2017 I purchased more items (all business related) than what I sold, meaning I have a loss for that year. Let's say that loss is $5000 for easy math. But t… read more
emc011075
emc011075
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I have a question regarding when FIFO may apply and when
I have a question regarding when FIFO may apply and when not. FIFO seems to be made for situations where identical shares of security are purchased at different times, then comingled and sold off late… read more
emc011075
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I have a question about how gains work for property, when
I have a question about how gains work for property, when identical but deliniated/physically separated.If someone bought 3 of the exact same thing (comic book, car, rare coin) at different times, and… read more
Tax.appeal.168
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Looking for information about how capital gains work for
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Lev
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My family are planning to move out of state to Georgia fro m
So my family are planning to move out of state to Georgia fro m WA so I applied for another position with my company in that state. I had to tell my boss that I applied and he offered to let me work remotely in current position after I move. My question is are my moving expenses deductible in this case? If I had taken another position in the co, I most likely would have got relocation assistance , its more difficult to argue for assistance in this case now. … read more
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I bought a number of shares of a certain stock at various times
I bought a number of shares of a certain stock at various times and various prices. Subsequently, I sold some shares at a loss of nearly 700.00 (applying FIFO). I kept that money in my investment acco… read more
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Where an employee relocates from England to Australia for work
Where an employee relocates from England to Australia for work but instead of flying directly decides to fly via India for a 2 week holiday, can we as the employer salary sacrifice the cost of the fli… read more
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Relating to options to buy shares (rights). Once options have
Relating to options to buy shares (rights). Once options have vested, and are at a discount, this counts towards income and is taxable. Capital gains tax on shares bought and sold is pretty much the s… read more
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My partners employer offers the opportunity to work in overseas
My partner's employer offers the opportunity to work in overseas research laboratories for three to six months, which involves travel, accomodation and living expenses for the taxpayer and their famil… read more
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I have been offered a contract in NC that will pay 70.00 an
I have been offered a contract in NC that will pay 70.00 an hour. I am currently salaried in TN at 97K a year. If I rent a house in NC and keep the house in TN, can I claim the rental in NC as an "off… read more
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In 1996, my parents bought us (wife and 3 kids) a house in
In 1996, my parents bought us (wife and 3 kids) a house in California. The title and mortgage is in their name and we pay them every month. They have never lived here. The house is considered our hous… read more
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I am new to investing, and i would like to know, that when
I am new to investing, and i would like to know, that when reporting the sales of my stocks can I choose my way to report sales, wash sales etc, according to my purpose: long term gain. I mean : I sel… read more
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Business Question-I own my own business and have a ...
Business Question- I own my own business and have a general business question. My business is growing rapidly. It is a vending company. Each time a new location comes about, new equipment must be purc… read more
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If I was in the progress of selling my home in one ...
If I was in the progress of selling my home in one state and moving to another state what decictions are I entitled to? It took me 11 months to get in my home and had to pay for my things to be in sto… read more
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