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Itemized Deductions Schedule-A


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Old 08-30-2017, 11:44 AM
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Charitable Deduction-Field/Resource Usage

Can a LLC deduct costs of field usage that was donated to a non-profit organization? For example, it cost $500/hr to use a field. The LLC let's the non-profit use the field for two hours. Can they deduct $1,000 for charitable contributions now?



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Old 08-30-2017, 07:00 PM
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Originally Posted by ctrobinson View Post
Can a LLC deduct costs of field usage that was donated to a non-profit organization? For example, it cost $500/hr to use a field. The LLC let's the non-profit use the field for two hours. Can they deduct $1,000 for charitable contributions now?
Correct; Donations can include cash, volunteered services, sponsorship of local charity events, or donating inventory or services. All are forms of charitable giving For a contribution of $250 or more, you can claim a deduction only if you obtain a written acknowledgment from the qualified organization. basically, to be deductible, charitable contributions must be made to qualified organizations. Qualified organizations include, but are not limited to, federal, state, and local governments and organizations organized and operated only for charitable, religious, educational, scientific, or literary purposes, or for the prevention of cruelty to children or animals. Organizations can tell you if they are qualified and if donations to them are deductible.



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