i am organizing a fundraiser for my son to go to china for stem cell treatments to help with his SOD. i was wondering if large companies donated is this a write-off? if not how would i go about to make it possible for them to write it off?
NO it is not a write off. To be a write off, you need to be on the IRS charitable contributions organizations list; you will not make it since you are an individual with only your son as the recipient. Only those organizations which provide charity to a larger segment of the population make it on the list.
I am sorry your son is ill, and hope you get the funds to get treatment for him. But, you can only request people and businesses to give out of the goodness of their hearts, not because of a tax write off.
Good Luck to You and Your Son.
The organization will not be able to write this off as a charitable expense if it will only benefit one person. It will have to benefit a non-disclosed amount of people, and they cannot tell the 501(c)(3) organization how to use the money. If they were to donate the money to a cancer research center than they can write it off as a tax deduction. But if they donate the money to you for your son then they cannot write it off as a Tax deduction.
The IRS is very black and white on this. They do audit a high number of charitable contributions and other Sch. A deductions.
HR Block - Tax Advisor I -- over 5 years experience
A donation made to an individual is never tax deductible, so sorry but you can't. Maybe you can find someone to help though even without any deduction.
By the way, what is SOD?
The only way to take a deduction for a donation is if the donation is made to a legitimate non-profit organization. Donations to private individuals are NOT tax deductible.