If you are a non profit you give them a receipt, they fill it in with what they think it's worth. If the IRS thinks they lied or overvalued stuff it's on them. It's good for them to have a detailed inventory and be to be modest I they need to defend the number they came up with.
Enzo Loconte Board Secretary Bikerowave
On Oct 18, 2013, at 4:45 PM, Angelo Coletta summitcyclingcenter@yahoo.com wrote:
I have the viewpoint that if an entity is NOT tax exempt (501c3), donations are treated as income by the non-profit and the donor can not deduct the value on their tax return. When donations are sold, then the question is was it sold for market value, below or above? A non profit can have taxable income if they do indeed have a real profit. Even those who have tax exempt status can be taxed for UBIT(Unrelated Business Income Tax), if they sell things that are "unrelated" to their mission. Angelo
On Thursday, October 10, 2013 3:47 PM, Matthew VanSlyke vanslyke.matthew@gmail.com wrote: Seems that the lesson learned here is....ask a pro when it comes to taxes. Thanks All. -Matt
On Thu, Oct 10, 2013 at 3:38 PM, Lesa Franz gadget_teer@yahoo.com wrote: they need to talk with there tax accountant
Lesa Franz Coatesville Community Bike Works
Sent from my iPad
On Oct 10, 2013, at 3:25 PM, Steven Bradley stevencbradley@gmail.com wrote:
I'm not a CPA, Matt, but I'm pretty certain they can take actual value for their donations. Suggest an appraisal or other 3rd party valuation, though.
Sent from my iPhone
On Oct 10, 2013, at 8:55 AM, Matt VanSlyke matt@uticabikerescue.org wrote:
ThinkTank, I have been trying to research this and I'm not really finding a complete answer. Perhaps some of you have personal experience/knowledge that can help. There is a bike shop in my City that has a stockpile of used bikes in a warehouse and they've expressed some interest in donating them to our community bike shop. Does anyone know specifically what the tax advantages are for the business that donates? I know how it works for individuals but I don't know how it works for a business.
Does anyone have epxerience with this?
Thanks, Matt
-- Matt VanSlyke Utica Bike Rescue 714 Washington Street, Utica, NY 13502 315.525.9554 matt@uticabikerescue.org http://www.uticabikerescue.org/ www.facebook.com/uticabikerescue Learn. Earn. Ride. _______________________________________________ Thethinktank mailing list Thethinktank@lists.bikecollectives.org To unsubscribe, send a blank email to TheThinkTank-leave@bikecollectives.org To manage your subscription, plase visit: http://lists.bikecollectives.org/listinfo.cgi/thethinktank-bikecollectives.o...
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