Profit organization purchasing a home for a non-profit organization?
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profit organization purchasing a home for a non-profit organization? CAN A PROFIT ORGANIZATION PURCHASE A HOUSE THEN QUIT CLAIM THE HOUSE OVER TO A NON-PROFIT ORGANIZATION? ALSO,CAN THE PROFIT COMPANY CLAIM A TAX DEDUCTIONS FOR PURCHASING THE HOUSE AND WHAT KIND OF TAX DEDUCTIONS CAN THE NON-PROFIT COMPANY GET
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Answer:
They can do it. It would be a charitable contribution if, and only if, the not-for-profit organization is a sec 501(c)(3) organization, or considered a charity by the IRS. If it is not, it gets a lot more difficult, tax wise, for both organizations. Consult a tax professional in your area.
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Other answers
Yes as a tax deduction.
useless information
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