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Deductions & credits
Yes, you are able to donate to a charity that you founded.
You can make a tax-deductible donation to any 501(c)(3) charity, regardless of your affilitation with it.
You can claim the fairm market value (FMV) of the equipment that you are donating, which would be equal to the price you could sell it for in today's market.
Do make sure that the charitable organization gives you a signed receipt for the donation that indicates what was donated, the value of the donation, and states that no goods or services were received in exchange for the donation.
Note: If the organization is not already doing so, it should make it a practice to provide all donors with a receipt containing the information listed above.
May 31, 2019
11:58 PM