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Updated over 7 years ago,
Running #s on a charitable donation
Hello I am hoping someone can walk me thru the following hypothetical situation:
Property purchased by an LLC
Rented to Charity for: X
Rental Income contributed back to Charity 100%: X
Please describe what this would look like on year end taxes; including possible filing as an S-Corp vs Pass thru to Personal.
My personal Federal Rate is 28%. I file in NY State. LLC can be formed in another state if tax incentives to do so exist
My research so far I believe that the yearly rental income although donated would still be taxed as Income, and then after words the deduction applied.
Much appreciated.
Regards,
Mario