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Updated over 9 years ago on . Most recent reply presented by

Bill Hinshaw's profile image
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Bill Hinshaw
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  • from Murphy, Texas
  • Member since May 2, 2011
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Bill Hinshaw's profile image
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Bill Hinshaw
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  • from Murphy, Texas
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Bill Hinshaw
  • Investor
  • Murphy, TX
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Tax, SDIRAs & Cost Segregation

Charitable giving and taxes

Bill Hinshaw
  • Investor
  • Murphy, TX
Posted

I have a flipping business structured as an LLC. We just sold our first flip and made a profit. With respect to taxes and charitable giving, should I give from the LLC or take a distribution from the LLC and give out of personal funds? Is there a difference in tax treatment of either?

Thanks in advance!

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Steven Hamilton II
  • Accountant, Enrolled Agent
  • from Grayslake, IL
  • Member since Jan 11, 2011
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Steven Hamilton II
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  • from Grayslake, IL
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Steven Hamilton II
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Steven Hamilton II
  • Accountant, Enrolled Agent
  • Grayslake, IL
Replied

There is no difference, it will not change your AGI. It will be Carried to Schedule A of your personal return either way. Even if you're taxed as n S-corp, partnership or sole proprietor.

  • Steven Hamilton II
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  • (224) 381-2660
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