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I have a question about selling my house and its tax implications. … read more
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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
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