Can I write off as expenses on my income tax returns (itemized deductions) if I were to donate the office space to a non-profit organization, and of course, they give me their 501(c)(3) exemption paperwork? Please advise me at your earliest time so that I can give the answer to the non-profit organization member.
Sure you can. Your paying the taxes and insurance on the office space and not collecting any money. It’s a non-profit donation which is tax deductible. Just like giving clothes and stuff to Goodwill.
|
||||||
 |
Is donating an office space to a nonprofit legal to write off?4 comments to Is donating an office space to a nonprofit legal to write off? |
 |
||||
|
Copyright © 2010 1840 Mayview Road - All Rights Reserved |
||||||
It should be, but your c.p.a. knows about your particular situation.
References :
Sure you can. Your paying the taxes and insurance on the office space and not collecting any money. It’s a non-profit donation which is tax deductible. Just like giving clothes and stuff to Goodwill.
References :
It would appear to be an ideal write-off. Check with your accountant to make sure.
References :
You can take a tax deduction for your "in-kind" office space contribution to the charitable organization. The amount of the deduction would be determined by the fair market lease value of the property.
However, there may be an issue if you are deducting the entire rent as a business expense.
You should check with an accountant or tax attorney for confirmation, as I am not a tax expert.
References :