Can I Create an LLC for a Hobby?

Discussion in 'General' started by JJJerry, Mar 21, 2012.

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  1. theJrod

    theJrod Well-Known Member

    I don't believe you can deduct anything that isn't a tangible (goods or monetary) donation to a non-profit. So you can't deduct your time or labor you "donated" to a non-profit.

    But I'm no tax accountant.
     
    theJrod, Mar 21, 2012
    #21
  2. Gorecki

    Gorecki verwirrt und orientierung

    Custom software application development and IT Services provided to an organization filing as a 501(c)(7). I'm afraid it only considered 'volunteer' labor but figured I ask.
     
    Gorecki, Mar 21, 2012
    #22
  3. scotth

    scotth Banned

    Only deductible to the extent of your hard costs (your out-of-pocket expenses). Sorry mang.
     
    scotth, Mar 21, 2012
    #23
  4. Gorecki

    Gorecki verwirrt und orientierung

    As I thought. :(

    Thanks for the feedback and please excuse the thread polution. :cool:
     
    Gorecki, Mar 21, 2012
    #24
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