Discussion:(Very) Charitable LLC
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Discussion Forum Index --> Basic Tax Questions --> (Very) Charitable LLC
Discussion Forum Index --> Tax Questions --> (Very) Charitable LLC
| 5 April 2008 | |
| MMLLC (husband and wife 50/50 members), new in 2007, donated $28,000 --via the LLC checking account-- to various churches and ministries.
So there is $14K each on the two K-1s. Can I take these dollar amounts to the Schedule A (as Itemized Deductions for Gifts to Charity) on the 1040? Makes common sense to me but I've not seen amounts this big before and want to make sure they get all the deductions they can. thanks | |
| April 5, 2008 | |
| Yep, that's how it flows. Interesting side note, in some states, that cuts tax on the LLC or S corp return. | |
| 6 April 2008 | |
| thanks for the confirm, JR
by the way, I research, print and catalog lot of Tax Almanac discussions on LLCs and S Corps to educate myself on various issues, and you're comments are consistently helpful in almost every one I find Anchorman | |
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