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Updated almost 8 years ago on . Most recent reply

User Stats

11
Posts
2
Votes
Mario Nacev
  • Contractor
  • New York City
2
Votes |
11
Posts

Running #s on a charitable donation

Mario Nacev
  • Contractor
  • New York City
Posted

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

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