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Old 07-01-2013, 07:15 AM
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Deducting donated space

Can a private business deduct from their taxes donated rental space? If they lease their space out during non-business hours, what is the standard deduction?



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Old 07-06-2013, 04:56 AM
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Yes according to me the donated things can be deducted from the tax.


Last edited by TaxGuru : 07-07-2013 at 06:04 PM.


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Old 09-15-2013, 11:36 PM
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Quote:
Originally Posted by danny View Post
Can a private business deduct from their taxes donated rental space? If they lease their space out during non-business hours, what is the standard deduction?
Yes, they can deduct the fmv of the leased space.



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Old 09-16-2013, 01:56 AM
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Originally Posted by atlanticacctg View Post
Yes, they can deduct the fmv of the leased space.
It depends; according to the IRS, office space donations are called "in-kind donations". The IRS encourages in-kind donations by allowing biz to take a tax deduction for the FMV of the service. For office space, this is the FMV of a lease. To qualify for tax dedcution, the recipient must be a tax-exempt charitable organization or 501(c)(3). IRS rules DO NOT ALLOW donations for a portion of the owner's interest in a property. For example, if you own a multi-story building and allow a nonprofit to occupy one of the floors for free, you cannot take a deduction. The reasoning is that because you still own the building, you have lost no benefit of ownership.



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