Skip to main content
Level 3
August 11, 2021
Question

How do you report the sale of a commercial property by a Charitable organization on the 990?

  • August 11, 2021
  • 2 replies
  • 30 views

I have a 990 client that sold the building they were working out of and moved to another location.  The property was originally donated to the 501(c)(3).  The proceeds continue to be used for the mission of the charitable organization.  On which schedule is this reported on the 990.  Are  these proceeds considered Unrelated business income ?

This topic has been closed for replies.

2 replies

sjrcpa
Level 15
August 11, 2021

Part VIII Lines 7a - c. 

For UBIT-probably no assuming they do not regularly sell real estate.

The more I know the more I don’t know.
PATAX
Level 12
August 11, 2021

@jasieve @sjrcpa generally I think what sjr said concerning ubit is correct, especially concerning 501 c 7 entities... But your client is a 501 c 3 and there may or may not be something different applying to this... that's my opinion...