Charitable Contributions

Leonard J Delmolino on

Our club has decided to make a donation to the local
veterans organization. This seems easy enough to handle in
Bivio software. We simply need to add a deductible expense.
This then shows up as a Charitable Contribution in the
Member Tax Allocation Report.

My question relates to how this is handled on our tax
returns. A quick look at Form 1065 instructions indicates
that Charitable Contributions are handled separately from
other expenses. My questions are as follows -

1) Does the Bivio software handle Charitable Contributions
as required on the Form 1065 and associated K-1s?

2) It seems as though individual members would handle their
portion of the donation on their tax returns as a Gift to
Charity on Schedule A (not a Miscellaneous Deduction). Is
this corrrect?

Thanks in advance for your help!

Len Delmolino
Treasurer, Oak Point Investment Club Partnership

Rip West on

Hi Len,

Yes, when you enter the contribution, go to Accounts|Expense and select the appropriate charitable contribution. Each member's share of this will be passed through to his/her k-1, and the the member will record this passed through amount on Schedule A of his/her return.

Rip West
Saint Paul, MN

Myrelle on

Question: What if you want an equal amount to go to each member.
For instance, contribute $100. Club has 10 members. If you want $10 to go forward to each member you should probably enter it a different way.
Other wise, would it not go as a %% of the member's share of the club. Not all members might have the same %.
Just asking............
Myrelle

On 12/6/2010 9:25 AM, Rip West wrote:

Hi Len,

Yes, when you enter the contribution, go to Accounts|Expense and select the appropriate charitable contribution. Each member's share of this will be passed through to his/her k-1, and the the member will record this passed through amount on Schedule A of his/her return.

Rip West
Saint Paul, MN

iras1 on

Just enter the contribution and check the box "allocate per partnership exception."

Ira Smilovitz

Join me at InvestEd 2011

Investor Education at Its Best^TM
San Diego, CA May 13-15, 2011
http://www.investor-education2011.org/

In a message dated 12/06/10 14:49:19 Eastern Standard Time, myrelle@npgcable.com writes:

   Question:    What if you want an equal amount to go to each member.
                        For instance, contribute $100. Club has 10 members.   If you want $10 to go forward to each member you should probably enter it a different way.
                        Other wise, would it not go as a %% of the member's share of the club.   Not all members might have the same %.
                         Just asking............
Myrelle

On 12/6/2010 9:25 AM, Rip West wrote:

Hi Len,

Yes, when you enter the contribution, go to Accounts|Expense and select the appropriate charitable contribution. Each member's share of this will be passed through to his/her k-1, and the the member will record this passed through amount on Schedule A of his/her return.

Rip West
Saint Paul, MN

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