I held an event thru my LLC that was a charity event. We collected ticket sales, had expenses and donated the remainder to the non profit. How do I track?

clarissaizzo · ‎June 3, 2019

Vanessa · ‎June 3, 2019

The donations through your LLC would be handled at the individual level. If you are a single member LLC this means you would need to report them by itemizing your return instead of taking the standard deduction.

If you have a multi-member LLC and are filing a 1065, then you would enter the donation and associated expenses by entering them in the business expense section. They will be reported on your K-1 and then will still need to be deducted on your Schedule A.

A donation made by the LLC is deductible at the owners individual level, not as an expense for the business.

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clarissaizzo · ‎June 3, 2019

I collected ticket sale and raffle ticket sales which the profit was donated after covering expenses. Do these sales need to be included as income?

I held an event thru my LLC that was a charity event. We collected ticket sales, had expenses and donated the remainder to the non profit. How do I track?

Deductions & credits

Deductions & credits