California  |  Business Law

Legal Question

Asked on: 2/05/10, 11:47 pm

Are contributions prior to an organization recieving a 501c3 tax deductible one the organization recieves it's 501c3 status? ie: If I gave $100 to a church in February of 2010 while it is getting its 501c3 can I deduct it when I file taxes if the church gets its 501c3 in 2010?

1 Answer

Answered on: 2/11/10, 7:45 am by Shahram Miri

Yes, a 501(c)(3) is typically granted retroactive exemption. Obviously the key is that the 501(c)(3) actually get nonprofit status eventually.

For example, I formed a nonprofit for a client last year. The corporation was incorporated in August but tax exempt status was not granted until November. However, any donations made after August to the nonprofit would qualify as a charitable donation that a donor could write off on their taxes.

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