CPA, here, to address the tax issues. You can only get a non-cash charitable deduction on the fair market value or your basis in the property. Anything north of $5K requires an appraisal. Sounds like this property isn't worth anything. The best tax move is to write off the costs.
CPA, here, to address the tax issues. You can only get a non-cash charitable deduction on the fair market value or your basis in the property. Anything north of $5K requires an appraisal. Sounds like this property isn't worth anything. The best tax move is to write off the costs.
I think a studio should have to release the film for distribution to PROVE it's a financial loss before being able to take that tax deduction. Right now now one knows how much the film could potentially earn, because no audience has had the chance to see it.
CPA, here, to address the tax issues. You can only get a non-cash charitable deduction on the fair market value or your basis in the property. Anything north of $5K requires an appraisal. Sounds like this property isn't worth anything. The best tax move is to write off the costs.
I think a studio should have to release the film for distribution to PROVE it's a financial loss before being able to take that tax deduction. Right now now one knows how much the film could potentially earn, because no audience has had the chance to see it.