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?

[Vanessa · Accepted solution]

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. 

[clarissaizzo]

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?