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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?  

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JohnB5677
Employee Tax Expert

Vehicle Donation for an LLC

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.

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1 Reply
JohnB5677
Employee Tax Expert

Vehicle Donation for an LLC

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"
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