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I have a question about Section 170 (e)(3).


"If you’re innocent why are you taking the Fifth Amendment?”- Donald Trump
 
Posts: 11201 | Location: Tennessee | Registered: 09 December 2007Reply With Quote
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Picture of NormanConquest
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Yes there are, but speaking out of school,some people in some professions prefer to be paid for their services(boy,I know I have to pay mine.);if that is the case then I'm sure you will get a plethora of help.Only an observation,no insult intended.


Never mistake motion for action.
 
Posts: 17357 | Location: Austin, Texas | Registered: 11 March 2013Reply With Quote
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quote:
Originally posted by NormanConquest:
Yes there are, but speaking out of school,some people in some professions prefer to be paid for their services(boy,I know I have to pay mine.);if that is the case then I'm sure you will get a plethora of help.Only an observation,no insult intended.


Exactly. There is tons of information on this topic available on the net. Instead of seeking free advice from those who sell it, do your own research. I will point out that if you claim something on your taxes in good faith, and the IRS rules you were wrong, then typically all you will owe is the difference in taxes and interest. Key phrase is good faith. For instance, buying a Cadillac and writing it off because you used it to deliver fishing worms, probably won't fly. Wink


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When considering US based operations of guides/outfitters, check and see if they are NRA members. If not, why support someone who doesn't support us? Consider spending your money elsewhere.

NEVER, EVER book a hunt with BLAIR WORLDWIDE HUNTING or JEFF BLAIR.

I have come to understand that in hunting, the goal is not the goal but the process.
 
Posts: 17099 | Location: Texas USA | Registered: 07 May 2001Reply With Quote
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Guys, I get what you are saying. I'm not looking for free tax preparation advice.
I have access to a considerable amount of perfectly good medical supplies/equipment and was looking to see if I could legally facilitate the acquisition and donation of it. Such equipment donated for the care of the needy can be valued at FMV, I could arrange acquisition, storage and shipment to a donee for 15%. I just wanted to find out if it was legal, I know it conforms to the spirit of the paragraph.


"If you’re innocent why are you taking the Fifth Amendment?”- Donald Trump
 
Posts: 11201 | Location: Tennessee | Registered: 09 December 2007Reply With Quote
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quote:
I have access to a considerable amount of perfectly good medical supplies/equipment and was looking to see if I could legally facilitate the acquisition and donation of it. Such equipment donated for the care of the needy can be valued at FMV, I could arrange acquisition, storage and shipment to a donee for 15%. I just wanted to find out if it was legal, I know it conforms to the spirit of the paragraph.


I'm neither a lawyer, nor a tax expert/CPA so you can take this for what it costs, but it appears to me your main problem would be finding a charitable institution that would agree to pay you for your services and what value that commission would be based on. If, the donor is donating to a legal charity, then they should have no problem. You would be an agent, and, of course, subject to taxation on the commission. The other side of the coin is that the donor might not appreciate your making money off a free gift.


xxxxxxxxxx
When considering US based operations of guides/outfitters, check and see if they are NRA members. If not, why support someone who doesn't support us? Consider spending your money elsewhere.

NEVER, EVER book a hunt with BLAIR WORLDWIDE HUNTING or JEFF BLAIR.

I have come to understand that in hunting, the goal is not the goal but the process.
 
Posts: 17099 | Location: Texas USA | Registered: 07 May 2001Reply With Quote
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quote:
Originally posted by Gatogordo:
quote:
I have access to a considerable amount of perfectly good medical supplies/equipment and was looking to see if I could legally facilitate the acquisition and donation of it. Such equipment donated for the care of the needy can be valued at FMV, I could arrange acquisition, storage and shipment to a donee for 15%. I just wanted to find out if it was legal, I know it conforms to the spirit of the paragraph.


I'm neither a lawyer, nor a tax expert/CPA but it appears to me your main problem would be finding a charitable institution that would agree to pay you for your services and what value that commission would be based on. If, the donor is donating to a legal charity, then they should have no problem. You would be an agent, and, of course, subject to taxation on the commission.


The charitable organization wouldn't be paying anything, the donor would.

Nevermind, I just thought being able to book a legit $100,000 donation for $15,000 outlay would be useful, I can always just sell the stuff.


"If you’re innocent why are you taking the Fifth Amendment?”- Donald Trump
 
Posts: 11201 | Location: Tennessee | Registered: 09 December 2007Reply With Quote
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quote:
Originally posted by thirdbite:
It's unclear to me who owns the supplies/equipment. If you actually have to purchase it in order to acquire it, that probably would establish its current FMV and limit the deduction.


Some I own, about $150,000 worth. I can add that much about once a month if I want to.
What I pay for it has no relation to what the donor could have sold it for had they done so rather than donating it, which is what the Code specifies. The donor would simply be buying it, having their inventory stored temporarily, and then shipped to a 501(c)3 on their behalf.


"If you’re innocent why are you taking the Fifth Amendment?”- Donald Trump
 
Posts: 11201 | Location: Tennessee | Registered: 09 December 2007Reply With Quote
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Picture of NormanConquest
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O.K. Here is a real case scenario. I own my own shop + equipment. The tax guy comes up + "values it"Hell.he doesent know what it is so how can he value it? It gets richer every year until I go down + tell them that equipment deppreciates not appreciates. In my case what it took to take those leeches off my back was getting an agent from a metal machinery buyer/seller on their co. letterhead what they would what they would pay for the equipment. THAT was market value. The county did not like it but had to accept it. Buying time one more year. The school administraters just got a raise but the kids still have no lockers + the powers that be are careful to NEVER let you know the NAMES OF THE OFFENDERS so one can not protest or vote against .....whom?


Never mistake motion for action.
 
Posts: 17357 | Location: Austin, Texas | Registered: 11 March 2013Reply With Quote
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No I am not ,but I did sleep at a Holiday Inn last night. Cool
 
Posts: 4372 | Location: NE Wisconsin | Registered: 31 March 2007Reply With Quote
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