Tweet
I will do what I can to help.
-
"If a Nation expects to be ignorant and free in a state of civilization, it expects what never was and never will be.... If we are to guard against ignorance and remain free, it is the responsibility of every American to be informed."
-- Thomas Jefferson to Col. Yancey, 1816 -
I just curious, if you don't set this up as a 501(c)(3) entity and the funds don't actually flow through any organization, how will it affect the donor's tax deduction?Comment
-
It was my understanding that the charity donation organization of less than marketable assets were kind of like tax shelters. You donate a item like a beat up SUV leaking oil, worth $10K in good shape but only $2K in bad shape. You donate the item to a charity. The charity sells it to a third party liquidator for $200. The third party liquidator sells it for $2K. However, you take a dubious tax deduction for $10K.
I believe the IRS rules have changed so the donor would now only get a $200 deduction, unless a certified appraisal is made. So the donations of cars have plummeted, as their is no incentive for people to donate. Under this scheme, the donor would only get a deduction for what the timeshare actually sold for on ebay ($1 to $500 probably). Do you think it will interest people if they can't get a fake $15K deduction of the developer price?Comment
Comment