Question

Farm Produce donations

Forum|Forum|5 years ago
March 2, 2021
1 reply
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My farm donated produce throughout the summer to the local food bank. How do I account for this in TurboTax Business?

TurboTax Business Windows

It depends on what type of organization you are. You mentioned TurboTax Business, so I’m assuming you are not a sole proprietor. Self-employed individuals cannot deduct charitable contributions as a business expense. Instead they will enter them in Deductions & Credits are personal charitable donations.

Partnerships and S-Corporations will report on their donations on their income tax returns. The amounts will be passed on to the partners and shareholders. TurboTax has a entry for Charitable Contributions under Business Expenses.

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A

attseAuthor

Ok. The farm is a multimember LLC. How do I determine the deduction amount? I made the donations to a Religious Food Bank so I assume I can deduct 50% of the market value of the produce that was donated. Is that correct?