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clarissaizzo
New Member

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?

 
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Accepted Solutions
Vanessa
Level 3

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?

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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2 Replies
Vanessa
Level 3

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?

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. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
clarissaizzo
New Member

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?

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?
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