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If I donate money to my co-op, can I get a tax deduction? As I understand it, cooperatives are supposed to be not-for-profit organizations.
donate to me I will write it off!!
Could one, two or more posters who are using the name "Anonymous" please change to a different name? It's confusing to know who's asking questions and who's providing answers when several posters all have the same name.
Would appreciate it. Thanks.
There is no deduction or "write off" if you voluntarily give money to your coop. Your coop is not a charity. Frankly, it's probably not even a "Not For Profit". Most coops are just regular corporations that just have a balanced budget. And if there's profit, the reason you don't pay taxes is there is usually a huge loss carryforward based upon the depreciation of the building.
There is a numerical code under the date it is an the individual code for each contributor, thus you will know who is writing even if they change the name from time to time.
One needs to understand the definition of a not-for-profit corporation and a non-profit corporation. Co-ops are the former, charities are the latter..
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You are kidding right? Never heard of that right-off!
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