- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Vehicle Donation for an LLC
We are an LLC. We donated a vehicle from our inventory last year. How do we enter that information on our Form 1065. I imported our information using Quick Books and we have it under Charitable Contribution. What type do I enter? Are we only allowed a percentage of the value of this vehicle at the time of donation?
Topics:
January 27, 2020
3:23 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Charitable donations are not deductible to any companies other than C Corps. The donation would be passed through to the individual and posted to the personal return. Unfortunately, if the taxpayer doesn't itemize deductions there will be no benefit.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
January 27, 2020
5:10 PM
433 Views