schirallicpa Posted April 11, 2017 Report Share Posted April 11, 2017 Taxpayer owns an event hall that he rents for weddings, etc. "Donated" use of the building for the local church to use. church gives him a "receipt" for use for $1500. Can I use this for anything but fire-starter? Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted April 11, 2017 Report Share Posted April 11, 2017 That's pretty much it. He already is writing off all the costs - taxes, insurance, etc. He can't write off what he would have charged - unless he includes that amount in income and then writes it off. Waste paper. 7 Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 11, 2017 Report Share Posted April 11, 2017 This is like writing off the value of your labor. Ok, let's issue a 1099-Misc for your expense and then here's your Sch C where we'll report that 1099-Misc income. It sometimes clicks when I say that. Sometimes not. You never know with the clicking and the clients. It's a crap shoot. 1 Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted April 11, 2017 Report Share Posted April 11, 2017 That's like writing off the lost rent when the property is vacant. 3 Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 11, 2017 Report Share Posted April 11, 2017 9 minutes ago, Terry D said: That's like writing off the lost rent when the property is vacant. You mean you can't do that? 4 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted April 11, 2017 Author Report Share Posted April 11, 2017 The closer you get to the 15th, the slicker the clients get.......................... 4 Quote Link to comment Share on other sites More sharing options...
JohnH Posted April 12, 2017 Report Share Posted April 12, 2017 I'd like to be able to write off the time I waste explaining these exact same issues to certain clients - Every. Single. Year. 6 Quote Link to comment Share on other sites More sharing options...
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