|
Posted by Arthur Kamlet on June 29, 2007, 6:07 pm
Please log in for more thread options
>> In a charitable benefit for a sick individual, Is there a
>> way to make the event "official" so that donations are tax
>> deductable ? (Thereby compelling people to donate more).
>>
>> Of course it is a moot point if the receiver of the donation
>> has to pay taxes on what is brought in.
>>
>> How are these things properly set up?
> Funds have to be received by an organization that qualifies
> as tax exempt under Internal Revenue Code §501(c)(3),
> usually meaning that it has been approved to receive tax
> deductible contributions by the IRS.
>
> If you do not have proper tax status, you could find a
> qualified organization whose exempt purpose is to help
> people in your friend's situation (in this type of case
> they'd be referred to as a "fiscal agent"). All
> contributions will be given to them, and they will turn
> around and help your friend. They will keep a fee to cover
> their own costs, generally between 5-10%.
I don't see anything wrong with people all coming together,
even if someone organizes them, and just making free will
gifts to this person.
They would not be able to deduct the gifts, but is that
important enough to go through the trouble and expense of
forming a recognized charity?
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
<< ------------------------------------------------------- >>
<< 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 (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap