Los Angeles California Form Publication 501 2024-2025

Los Angeles California Form Publication 501: What You Should Know

If you are using Forms 990-PF to account for charitable contributions, you are not eligible to include a section 108(d) expense deduction. You may be able to subtract the cost of any property. Check the “Am I a United States citizen or a permanent resident?” box on Form 990­‑PF. For the “Income from sources outside the United States”, list your foreign source income and net capital gain or loss. Form 990‑PF should include the gross amount of each charitable contribution. Include a gross amount that includes the gross amount of any other contributions: that is, charitable contributions for which there is no deduction on Form 1040, including cash contributions and property contributions. Do not include personal contributions to any 501(c)(3) nonprofit. Don't make any deductions for loans or gifts to any nonprofit: those are tax-free. If you are a 501(c)3 or c(4) nonprofit, you are not eligible to file a section 108(d) expense deduction on Schedule A. The most you can deduct with respect to the first 10,000 hours of work for your non­profit is 35,000, if you do not work at more than 50 hours per week, and if all work time is performed as a worker in the course of bona fide trade or business, which means doing such work for any trade, business, profession or vocation that requires that you are a bona fide employee of such trade, business, profession or vocation. In addition, you can claim section 168E personal deduction, to the extent it is applicable, on a form other than Schedule A unless you are entitled to a deduction for section 168E under a section 168(k) deduction limitation or an itemized deduction if your total contributions exceed 10,000. If you are a section 501(c)3 or c(4) nonprofit and your total contributions for the taxable year are greater than the amount you can claim as a section 168(k) deduction, you can exclude 10,000 of the excess contributions (17,750 for a joint return) in the taxable year from your gross income. File a non­profit Schedule A for the year before your incorporation. Schedule A has no section 108(d) expense deduction limit on any of the section 108(d) charitable contributions.

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