Re: Charitable contribution to an NP created by taxpayer

ptax255 · ‎08-01-2023

Hi, would this be deductible? Anything to keep in mind or disclose from an individual tax return point of view? It seems it's fine, just want to make sure as the amount is significant. Thanks

sjrcpa · ‎08-01-2023

Is it a private foundation?

The more I know the more I don’t know.

ptax255 · ‎08-01-2023

Not yet created, but likely yes.

sjrcpa · ‎08-01-2023

The contribution would be tax deductible, subject to lower AGI limits.

The more I know the more I don’t know.

BobKamman · ‎08-01-2023

I assume that NP means "nonprofit" and not, for example, "neutered pet." But contributions to most nonprofits are not deductible. It has to be a 501(c)(3). And I would be careful with contributions made while the application for that status is pending.