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Question for CPA's about LLC deductions
Posted on 12/8/18 at 7:23 pm
Posted on 12/8/18 at 7:23 pm
Is it possible to make contributions to qualified charities through my LLC I set up for my rental properties. I set up the LLC this year and will not need to do my taxes util April. I make donations myself but not sure of the rules for LLC's.
3
Posted on 12/8/18 at 9:20 pm to jerryc436
how do you do your taxes? is it pass through? i'm not a CPA but i imagine your personal deductions will be your route b/c it's all one pot of AGI at the end of the day
Posted on 12/8/18 at 9:32 pm to jerryc436
Single owner LLC?
Posted on 12/8/18 at 9:40 pm to SlowFlowPro
I use Turbo Tax but this is the first year I have owned rental properties and statred the LLC this year. I do not think I can use the donation as a deduction for my expenses so that means it would be personal which really does not help with taxes. I was wondering if anyone with rental properties or a CPA had any advice.
Posted on 12/10/18 at 10:39 am to jerryc436
Charitable contributions are not deductible on Schedule E or as rental property deductions. They "flow through" to Schedule A.
You can use a LLC check / funds to make the contribution, but it still "counts" as a personal contribution for purposes of taxes.
An aggressive person might try to see if there is any support for the expense really being advertising, or meals, etc. It's a tight window and I would not even consider it without talking to a CPA and reviewing the facts. Unless you are a real estate professional, this isn't a good idea.
You can use a LLC check / funds to make the contribution, but it still "counts" as a personal contribution for purposes of taxes.
An aggressive person might try to see if there is any support for the expense really being advertising, or meals, etc. It's a tight window and I would not even consider it without talking to a CPA and reviewing the facts. Unless you are a real estate professional, this isn't a good idea.
Posted on 12/10/18 at 10:47 am to LSUFanHouston
I am sure that it would bo on schedule A which wold not help me. I do need to see if I can make a withdrawal from my IRA directly to the charity without making that withdrawal taxable for me. If so that is my best option.
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