My accountant says I can but another accountant says I can't deduct for that kind of service. I am donating my space and utilities so it seems I could put a dollar value on that as a donation to the theatre.
2007-03-26 10:12:21 · 2 answers · asked by mesdot2 2 in Business & Finance ➔ Taxes ➔ United States
It's one of those areas that are gray, so accountants can differ in their interpretation.
The short answer is yes, you can deduct actual expenses, IF the theatre is a registered charitable organization. That's a big if. If they aren't, then no, you can't deduct your expenses.
If they are a registered 501(c)3 charity, then the part that can get difficult is how much you can deduct. Not the value of space - but things like utilities, you could - but how much is that, and how would you prove it if audited?
2007-03-26 11:47:27 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
You can't because you'll need to justify how much you used and how much the actors used. Not this type of donation besides, as an actors, there isn't any provision for tax incentives.
2007-03-26 17:24:08 · answer #2 · answered by SGElite 7 · 3⤊ 0⤋