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Charitable deductions for temporary loan of primary residence for fundraiser

 

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Subject Author Date
Charitable deductions for temporary loan of primary residence for fundraiser ChenangoBusinessServices@hotma 01-15-2008
Posted by Bill Brown on January 20, 2008, 9:20 am
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...
>
> Even if we greatly stretch the meaning of "services" to include
> rent-free use of real property, it's stated several times that
> deductible out-of-pocket expenses related to providing a service to a
> charity must "not [be] personal, living, or family expenses."

Which suggests only the costs of moving her furniture out and back in
is deductible.

>
> ..  The fair market rental
> value of her house less her temporary lodging expense might be
> deductible, but only if it is a positive number.

Nope, that is NOT deductible.

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Posted by ChenangoBusinessServices@hotma on January 22, 2008, 8:45 am
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Interesting; I asked, "Anyone have any history on the tax treatment of
this situation?"

>From these responses, there appears little history on this and a very
divers spread of opinions.

The common thread is to deny a deduction for moving out storage and
back in, then to drift off into other issues.

When I asked other "ShowHouse" operators I got complete silence on
this activity. And finally we know the IRS reads these listings to
get educated themselves.

Ah such an interesting future.

Thank you all


N Nichols
CBS

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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