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You confused me, why not to donate to your own charity directly and not to write it off the same way? No need for revolving door.
by vl 16y ago
You confused me, why not to donate to your own charity directly and not to write it off the same way? No need for revolving door.
- phlux 16y agoIANACPA - but I would surmise this to be blatantly obvious tax fraud - where the other version is much easier to hide as "normal" activity.
- rprasad 16y agoYou can't write off donations to fully offset income -- only 1/2 of your yearly income can be offset by charitable giving (or 30%, if you're stupid enough to donate to someone else's private foundation charity). This would also not be "blatant tax fraud". Indeed, it is the transaction underlying the private foundation form of charity, which is the oldest type of charity recognized in the US.