Is It Legal To Re-sell Tax Credits Could It Be Legal?

[lundie]

If I supplied stuff to a charity but found I could not use the tax credits myself, can it be legal for me personally to offer these credits to somebody else? Say a charity I decided not to itemize and offered me a $300 receipt. For me personally to sell that receipt to somebody?

[dubh35]

Shasha explained: 1 Have peace of thoughts.subsequent year give your what to your pals to bring to charity for the tax credit. Very best wishes. 50 weeks previously

[Geary]

As soon as the receipts is issued you alone can claim the tax credits. The easiest way to establish whether or not the organization you have donated to is a tax-exempt nonprofit is to determine if it is classified as a 501(c)three. This coding is a provision of the United States Internal Revenue Code that clearly states 28 diverse kinds of organizations that are eligible to be exempted from taxes.Only gifts of $250 or far more Need a receipt, but it is beneficial to provide them nonetheless. This is specially true if the sum total you've donated is $250 or much more(split amongst a variety of organizations). Sources: http://www.ehow.com/tag/receipt/ newuser61109782 50 months ago Please sign in to give a compliment. Please confirm your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[ayize]

It's called Fraud. I guess you could have sold the items to someone and had them donate them, but they could only deduct the money they paid you... Sorry...

[Colier]

no It's called Fraud. I guess you could have sold the items to someone and had them donate them, but they could only deduct the money they paid you... Sorry... dejapooh 50 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[egidius]

In 1999 a New Jersey State law went into effect allowing emerging technology and biotechnology companies to transfer, "sell", their unused New Jersey Net Operating Loss carry forwards(NOL?s) and New Jersey Research and Development Tax Credits(R&D Credits) for cash. Profitable companies, paying New Jersey corporate tax, can "buy" these credits at a discount thereby reducing their state tax obligation. Administered by the State Economic Development Authority and passed by the Senate and General Assembly of the state of New Jersey(P. L. 1997, c334, Senate No. 1709-Final Version Chapter 140), the intent of this law is not only to stimulate economic growth within the state, but also to aggressively expand the State?s emerging technology and biotechnology industries.14221.gif(16111 bytes)If you are part of a high technology or biotechnology company we can help you get the financing you need to flourish. The New Jersey legislature has passed a law that makes it possible for you to sell your net operating losses and unused research and development credits to get the cash you need to grow.1321.gif(21764 bytes)If you are a profitable company currently paying New Jersey Corporate tax and want to decrease the amount of state taxes you owe, we can help you. You can purchase these losses and credits at a discount and receive tax benefit transfer certificates for the full amount. They are guaranteed by the state of New Jersey and so are essentially risk free.

[Eorl]

Buy and Sell Tax Credits In 1999 a New Jersey State law went into effect allowing emerging technology and biotechnology companies to transfer, "sell", their unused New Jersey Net Operating Loss carry forwards(NOL?s) and New Jersey Research and Development Tax Credits(R&D Credits) for cash. Profitable companies, paying New Jersey corporate tax, can "buy" these credits at a discount thereby reducing their state tax obligation. Administered by the State Economic Development Authority and passed by the Senate and General Assembly of the state of New Jersey(P. L. 1997, c334, Senate No. 1709-Final Version Chapter 140), the intent of this law is not only to stimulate economic growth within the state, but also to aggressively expand the State?s emerging technology and biotechnology industries.14221.gif(16111 bytes)If you are part of a high technology or biotechnology company we can help you get the financing you need to flourish. The New Jersey legislature has passed a law that makes it possible for you to sell your net operating losses and unused research and development credits to get the cash you need to grow.1321.gif(21764 bytes)If you are a profitable company currently paying New Jersey Corporate tax and want to decrease the amount of state taxes you owe, we can help you. You can purchase these losses and credits at a discount and receive tax benefit transfer certificates for the full amount. They are guaranteed by the state of New Jersey and so are essentially risk free. Sources: http://www.taxtransfer.com/ lmhilly1971 50 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[Irwyn]

The easiest way to determine whether or not the organization you've donated to is a tax-exempt nonprofit is to determine if it is classified as a 501(c)3. This coding is a provision of the United States Internal Revenue Code that clearly states 28 different types of organizations that are eligible to be exempted from taxes.Only gifts of $250 or more REQUIRE a receipt, but it is useful to provide them nonetheless. This is especially true if the sum total you've donated is $250 or more(split between various organizations).

[Harlowe]

Have peace of mind..next year give your things to your friends to bring to charity for the tax credit. Best wishes.