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ptax255
Level 6
August 1, 2023

Charitable contribution to an NP created by taxpayer

  • August 1, 2023
  • 2 replies
  • 16 views

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

    This topic has been closed for replies.

    2 replies

    sjrcpa
    sjrcpa
    Level 15
    August 1, 2023

    Is it a private foundation?

    The more I know the more I don’t know.
      P
      ptax255Author
      Level 6
      August 1, 2023

      Not yet created, but likely yes.

      sjrcpa
      sjrcpa
      Level 15
      August 1, 2023

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

      The more I know the more I don’t know.
        BobKamman
        BobKamman
        Level 15
        August 1, 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.  

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