Donations

[nate_f2]

If I gave a disabled person money for a startup would that be considered a donation and could I write that off?

[akula]

as far as i know, if you gave anybody money for the purpose of earning a return, that would be a tax deduction

[generationy]

Yeah, if you give any money to anyone for the purposes of investment etc. the IRS wants to know if its more than $10,000. However if you give someone money and expect equity from that company then you have to follow the usual procedures with any investment (including telling the IRS of the investment). Equity comes from registering and incorporating the company and that in itself involves tax related things. Hope that helps! Check out the IRS website or your state's website for more info. Good luck!

[Warranties-For-Less]

If I gave a disabled person money for a startup would that be considered a donation and could I write that off?

No, sorry, but when it comes to taxes, a write off has to be qualified, and by that I mean donation has to be to a registered 501 (c) 3 non profit, not just anyone, so unless this person was a properly registered non profit, you cannot write it off as tax deductible donation, sorry. This is in U.S., so I would have to assume similar regulations exist in other countries too.

Success to all,

[jkhustle]

It's not a donation unless your giving to a non-profit.

[rogercbryan]

No, sorry, but when it comes to taxes, a write off has to be qualified, and by that I mean donation has to be to a registered 501 (c) 3 non profit, not just anyone, so unless this person was a properly registered non profit, you cannot write it off as tax deductible donation, sorry. This is in U.S., so I would have to assume similar regulations exist in other countries too.

Success to all,

Great comment! This is accurate in the US.. giving someone money is not a donation (in the legal sense).. it is only a 'donation' if it is given to a properly licensed 501(c)3 (or other various 501's)

[guidemesingapore]

Don't think you can simply claim donation by giving money to someone. I think the above post is perfect, the donation has to be given to a qualified non profit organization.