Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 07-31-2014, 12:41 PM
Junior Member
 
Join Date: Jul 2014
Posts: 2
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?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Baked goods, etc. donations TaxSil Itemized Deductions 0 04-01-2014 12:43 AM
Services for donations only Ro13 Income 3 03-20-2014 01:40 PM
Gift in Kind Donations kamiemac Non-Profit Organisation 0 02-14-2012 11:14 PM
Salvation army donations boyzone02 Income 1 11-15-2011 09:18 AM
medical donations gls1982 Itemized Deductions 1 01-02-2010 06:06 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.