From TaxAlmanac, A Free Online Resource
From TaxAlmanac
Discussion Forum Index --> Advanced Tax Questions --> T/P has a condo who donates a month to an Auction - Deductible?
Discussion Forum Index --> Tax Questions --> T/P has a condo who donates a month to an Auction - Deductible?
Dude7707 (talk|edits) said:
| 9 April 2008
|
| If donating his rental for a month for a fund raiser and don't believe it is a sec 501(c)3 and T/P is cash basis It's not deducitble as loss revenue as he is requesting correct on his Sch E?
|
Belle (talk|edits) said:
| April 9, 2008
|
| Do a search - there was a good thread on this issue with regards to donating a timeshare recently.
|
Nancyshoemake (talk|edits) said:
| 9 April 2008
|
| no - can not deduct revenues you never claimed as income in the first place
|
KatieJ (talk|edits) said:
| 9 April 2008
|
| However, if the donee is qualified under Sec. 170, he can deduct any out-of-pocket expenses relating to the donation, e.g. maid service. Otherwise, no deduction.
|
Kathyt (talk|edits) said:
| 10 April 2008
|
| There's a specific example in pub 526 that is almost exactly what you describe. Not deductible. I posed this same question last year and someone pointed me to the example in pub 526.
|
Dnc0716 (talk|edits) said:
| 10 April 2008
|
| I agree, no income recognized, no deduction. You can deduct the normal expenses related as mentioned above by KatieJ.
|
To join in on this discussion, you must first
log in.
