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| *The Commerce Journal>>>Other Taxes |
Is there anyway something can be donated to you if you arne't an organization for a tax deduction??? HELP!! |
Any tricky people out there have an idea? No, a donor may only take a tax deduction for a donation to a registered 501(c)3 charity, never to an individual. Even if a donation is given to a charity, if it's given with the provision that it goes to a particular individual or family, it's not deductible. So no, a donor giving you a horse can't deduct anything from their taxes for the donation. No, no way. Only donations to registered 501(c)3 charities are deductible by the donor. Additionally if the donation is funneled through a registered charity but earmarked for a specific purpose or person the donation is NOT deductible. It must be given to a 5013c, and it can't be given to a specific person in that entity, no exceptions, period!!! |
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