Re: Can we move / reclaim a charitable contribution in a later year

07-02-2003, 03:54 PM

Harlan Lunsford <hlunsfordnoway[at]bellsouth.net> wrote:

- quote -

> Let me get this straight. Did you say that you donated the
> stock, yet later specified how the proceeds from it were to
> be used?

Based on the first part (which of their funds he gets credit
for contributing to), I don't see a problem with that.

- quote -

> I THINK you can't exercise any control once you donate
> something and take a tax deduction for it,

There are charitable organizations that take contributions
and allow the donor to specify, later, how they are to be
spent (re-contributed). However, there are strict
limitations on how that can be done; in particular, they can
only go to other 501(c)(3) organizations.

Seth

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#-1 06-30-2003, 06:42 AM

David wrote:

- quote -

> We donated appoximately $10,000 in stock to a temple we
> belonged to in 2001. They asked what we wanted to do with
> the donation and we asked that it be kept on our account to
> pay for dues & payment for memorialization / celebration
> donations within the temple ('a donation has been made to
> the temple's library fund / education fund / rabbi's
> discretionary fund, etc. in honor of '....'). In 2001, we
> took the deduction for the donated stock.
> It's now 2003 and we a) still have a $1,000 credit on our
> account from that original donation and b) are no longer
> members of that temple and c) really don't want to leave the
> funds with that temple.
> We envision either having them transfer the credit balance
> to the temple we now belong to (so the net result is a wash
> - our 2001 tax return says we made a donation to temple X
> when in fact some went to temple Y. Both are legitimate
> charities in the eyes of the IRS, so maybe send the IRS a
> letter indicating the transfer of the funds? from X to Y?).
> OR ask for the money back and file a 1040x (ammended) return
> for 2001 (we are still within the 3 year window for filing
> an ammended return, right?) showing the lower amount that
> was actually donated... yeah, it gets messy since then the
> schedule D would also show that sale and capital gains from
> it)... and then donate that money as cash to the new temple
> and take a deduction this year?
> Is there any tax law / cases / substatiated basis for us
> being able to not leave the money with the first temple?

Let me get this straight. Did you say that you donated the
stock, yet later specified how the proceeds from it were to
be used?

I THINK you can't exercise any control once you donate
something and take a tax deduction for it, Since you
donated the stock and took a deduction for it in 2001, how
can you possibly have a "credit"?

it's gone. Forget it.

Cheer$,
Harlan Lunsford, EA in LA

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