bstaxes Posted February 6, 2009 Report Posted February 6, 2009 LLC donated a piece of equipment to a local tech school. Where would you write off the donation on a sch c or sch a? I am thinking sch a, but the equipment was used in the LLC. The LLC is a single member. I believe self-employed people can only take the donation on sch a, but is that also true for LLC's? Thanks for any thoughts. Quote
Maribeth Posted February 6, 2009 Report Posted February 6, 2009 LLC donated a piece of equipment to a local tech school. Where would you write off the donation on a sch c or sch a? I am thinking sch a, but the equipment was used in the LLC. The LLC is a single member. I believe self-employed people can only take the donation on sch a, but is that also true for LLC's? Thanks for any thoughts. The donation would go to Schedule A IF and only IF the taxpayer has a basis in the equipment. If the equipment has been fully depreciated or §179'ed, then no deduction. Maribeth Quote
jainen Posted February 6, 2009 Report Posted February 6, 2009 >>If the equipment has been fully depreciated or §179'ed, then no deduction.<< Basis would be restored by any recapture when it was taken out of service. In my experience, this kind of housecleaning is often done without the substantiation required for charitable donations. Quote
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