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Old 08-21-2017, 10:42 AM
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Join Date: Aug 2017
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Luxury suites and purchases for donation.

Hello,

I have a single member Llc scorp in PA.

I purchased a three year lease on a luxury suite.

what sold me was the resell value of tickets to sporting events and access to the other suite owners for networking at the suite owners meetings.

Also, I am thinking of purchasing clothes from Goodwill's and donating them in a third world country where I am trying to start a health care business.

how amd what can i write off?



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Old 08-22-2017, 10:29 AM
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Join Date: Oct 2010
Posts: 4,838
I have a single member Llc scorp in PA.

I purchased a three year lease on a luxury suite.
what sold me was the resell value of tickets to sporting events and access to the other suite owners for networking at the suite owners meetings.=========>> you can't write off a contribution to the extent that you get something in return. For example, say, you buy a $50 ticket to a fundraising dinner at a church, but the cost of the dinner is $20, you can deduct ONLY $30. For donations of more than $75, the nonprofit must give you a written statement telling you the value of what you received in return and reminding you that you can't deduct that portion of your contribution.so say, once you confirm that the charitable dinner is being hosted by a tax-exempt entity, you can start to think about how much of the ticket's price constitutes a deductible donation. The tax rules allow you to take a write-off, but since the ticket entitles you to receive a benefit in exchange I mean , a meal and a night out, you have to reduce your deduction by the benefit's value. Many charities will indicate how much of the price you can treat as a charitable deduction right on the ticket. For example, say, as said you paid $100 for the ticket, and it states that your donation is $60 and the value of the dinner is $40, the most you can deduct is $60. However, if you don't accept the ticket at the time of making the donation, or send it back to the charity soon after receiving it, you aren't receiving a benefit, and therefore the entire $100 price is deductible. When you accept the ticket but choose to not attend the dinner, however, the tax rules treat your acceptance of the ticket as a $40 nondeductible benefit since possession of it still gives you the option to attend the dinner or to give it to someone who will.

Also, I am thinking of purchasing clothes from Goodwill's and donating them in a third world country where I am trying to start a health care business.how amd what can i write off?=======> Almost all foreign charities are not qualified organizations; however certain Canadian, Israeli and Mexican charities qualify. You may see Pub526 for more info on which foreign charitable organizations qualify.



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