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Gifted materials and equipment, can the business owner deduct these?

Hi all,

So I purchased and gifted equipment and raw materials to a friend's LLC to help

start her candle making business. Can she put these down as assets and claim deductions?

 

Thank you all for your time and help.

1 Best answer

Accepted Solutions

Gifted materials and equipment, can the business owner deduct these?

Yes, but she has to use the lesser of your basis (most likely what you paid) or the fair market value at the time of the gift.

View solution in original post

2 Replies

Gifted materials and equipment, can the business owner deduct these?

Yes, but she has to use the lesser of your basis (most likely what you paid) or the fair market value at the time of the gift.

Gifted materials and equipment, can the business owner deduct these?

Thank you for the prompt response! appreciate it.

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