rangerj
Junior Member
Joined: Jan 21, 2011 13:39:35 GMT -5
Posts: 242
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Post by rangerj on Sept 23, 2011 18:38:13 GMT -5
She can claim any out of pocket expenses she is not already claiming, for example additional cost for heat and electric if she is not already deducting said costs. Any deductible amount would be an itemized deduction if she is reporting on a schedule C, or a flow-through entity, and would be subject to the AGI limitations for charitable contributions.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Sept 24, 2011 6:10:42 GMT -5
I assume the "rent" is already being deducted as a "tax deductible" expense of the business.....
as noted by Ranger, this would not be deductible again.... but if there where "additional" costs borne by the business related to this gift, those may qualify as charity and not a business expenses (you cannot deduct the cost 2xs if that's what the point of the original question is)..
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