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Updated about 11 years ago on . Most recent reply
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Deduct charitable contributions on a Schedule E (or C)?
First off, I know this is a very specific question to my circumstances and I already have an appointment with a CPA to ask this and many other questions but I wanted to get a feel from anyone in the BP community who might have any experience or input on my situation.
Question: Is it possible to deduct charitable contributions on a Schedule E (or on a Schedule C - my wife has a small side business)?
Other relevant info:
- My rentals are held in an LLC which has pass-thru treatment for taxes (no S-corp election).
- My wife and I do not have enough personal expenses to itemize so we take the standard deduction every year.
- My expenses from my rentals, including depreciaiton, have me showing a net loss, but not enough that I have reached the passive activiy loss limit.
- My wife's side business has a net profit.
The idea would be that since we take the standard deduction, it would be nice to find a way to create an additional deduction on our W2 income by redirecting our contributions through one or both of our businesses to either increase my losses on the rentals up to the passive activity loss limit or reduce her profits on her side business.
Obviously this won't help us on our 2013 taxes since I'm just now thinking of this but I'm just wondering if there is any validity to the idea going forward.
Thanks!