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| "B Powers, International Man of Mystery" <Bpmt44[at]yahoo.com> writes: - quote - > A co-workers house recently burned down so us co-workersare taking donations
Gifts to individuals are generally not tax-deductible as charitable> for him until he gets situated. My question is can I use this donation as a > tax write-off. I have a small business on the side also which is Real > Estate investing, should I use my personal account or my business account > to write the check or does it matter...that is of course if it can be > written off? contributions in the US. If the donations are being collected by a registered nonprofit like a community service organization or church that retains control of how the contributions are used, OTOH, you most likely can deduct. (I've run into this issue myself in the context of making donations to help elite-level competitive figure skaters with their training expenses; you either make a nondeductible direct personal gift, or give the money to a nonprofit organization chartered to help fund skaters generally.) If you can figure out how to categorize your donations as a business expense, you are free to try to deduct them from your business account on that basis... but that might not stand up to IRS scrutiny. :-P -Sandra the cynic |
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| A co-workers house recently burned down so us co-workersare taking donations for him until he gets situated. My question is can I use this donation as a tax write-off. I have a small business on the side also which is Real Estate investing, should I use my personal account or my business account to write the check or does it matter...that is of course if it can be written off? |
| Tags |
| donation, question |
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