Donations to Pending 501c(3) Hello Sir or Madam,
I have question regarding donations to newly formed nonprofit organizations.
Let us say that a organization forms in Year 1 and immediately applies for 501c(3) status. Its application is approved, but not until year 2. I understand that typically, donations become tax deductible retroactively once 501c(3) status is approved. Would this mean that if an individual donated in Year 1, they would wait until Year 2 to make the deduction for the donation made in Year 1? |