[Today’s run: 3.5 miles]
I’ve been working a bit on the transmitter shed. My new son-in-law is an electrician so I talked to him a bit about how to do the electrical work.
Then I went to Lowes and bought a bunch of junk. And the last few days I’ve been installing wall boxes and running armored cable. I think it is looking pretty good.
After I get the wiring in the walls I think the next thing is to put up insulation and the interior wall finish.
I also need to dig a trench for the electrical feed and another for the network fiber optic line.
3 replies on “Update on transmitter shed”
Since that is for the non-profit radio station, can you deduct your time and materials in your taxes?
Volunteering is not tax deductible, so no-go on the hours spent.
Also, I didn’t want to get stuck in the situation of having the radio station
own the shed: not being able to stick something else in it if I have the need,
and being required to dispose of it to another non-profit should the radio station ever end.
So I proposed to the Board that I own the shed and “rent” space to the
station. I think that will let me write off the construction expense over a period of months.
I need to talk to a tax expert to see if that plan will fly but I think it will.
That makes a lot of sense. the rent thing won’t fly without exchange of funds, from what I’m reading on the Interweb.
“The Internal Revenue Code won’t allow a donor to deduct the value of fair
market rent not charged a charitable donee. The donor would be claiming a deduction for income he didn’t receive. Rather, the advantage to the donor is that the rent that otherwise would be included in gross income for federal income tax purposes isn’t received and, as a result, not taxed.”
http://www.nonprofitpro.com/article/and-8230-even-theres-no-income-involved-31725/all/
A loophole might be your donating cash and getting the cash back as rent. But I’m betting that has red flags all over it.