This is not official, but my charity/tax/enforcer expert said he's been asked about the Trump Foundation donation story and said this: 1/2
"Assumg Trump has income(likely)him taking it into income & donating it himself v directing it as donation wd be same result-no tax"
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But charitable donations have tax deductible caps...can only write off so much each year.
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So he's giving SO much to charity he simply can't take in any more so he directs it to go straight to charity? That's bad?
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That is confusing to me; however, there must be some method to his madness?
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I don't think it's much his actions that are as confusing as it is the article. People direct money to charity all the time
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payer gives $ to charity instead of trump = no taxes on income. Then charity can pay for "expenses" of charity.
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I understand the basic premise of a foundation; however, does the amount actually donated to charity count?
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Individuals can deduct but ltd based on agi (can carryover, tho) Corps cant get tax deduct for charity
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Thank you Z, to rephrase is there a minimum amount (%) that a foundation must donate to charity
End of conversation
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so that would be smart, would it not?
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smart, legal and to the benefit of the charity if that's what happened, says the expert. unless there are other things we don't know
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thank you very much! I really like your work
End of conversation
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