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If I am the President of a new 501(c)(3) & currently the only full-time employee, can I still deduct the personal funds I donated, or is that indirectly 'for my benefit'?
posted
June 6, 2019
4:51 AM
last updated
June 06, 2019
4:51 AM
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If I am the President of a new 501(c)(3) & currently the only full-time employee, can I still deduct the personal funds I donated, or is that indirectly 'for my benefit'?
Contributions to a 501(c)3 are deductible. Look at page 6 column 3 and page 7 column 1 of the IRS Publication 526. Based on this, the organization donated to the benefactor. As long as the organization has been approved by IRS, i see the deduction as being a deductible charitable contribution.
IRS link to Publication 526.
June 6, 2019
4:51 AM
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If I am the President of a new 501(c)(3) & currently the only full-time employee, can I still deduct the personal funds I donated, or is that indirectly 'for my benefit'?
Contributions to a 501(c)3 are deductible. Look at page 6 column 3 and page 7 column 1 of the IRS Publication 526. Based on this, the organization donated to the benefactor. As long as the organization has been approved by IRS, i see the deduction as being a deductible charitable contribution.
IRS link to Publication 526.
June 6, 2019
4:51 AM
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