Private Foundation Deductions - private taxes and 990-PF

Forum|Forum|1 year ago
February 5, 2025
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Background: I started a non-profit dance company in 2024 and I am the director. It is classified as a private foundation.

I did invest my own money to buy their first costumes for their first performance.

Question:

Can I write off the amount on my private taxes that I spent buying costumes, since it was a donation to the private foundation, even though I am the director?

Do I need to also disclose this amount on the 990-PF when I fill this out, since I did not directly benefit from the donation?

Mike9241

maybe you can. it was probably over $250 so to comply with the tax laws as to deductibility, the foundation should have sent you a letter of acknowledgment - content - the amount contributed, whether you received any goods or services in return. Donations to private foundations except private operating foundations are limited to 30% of AGI. seek professional help for the 990-PF. Turbotax provides no support for it.