Gensis Foundation?

[ITSMYHOUSE]

I sold my house in Il. last year. The real estate agent told me about a program called the Genesis Foundation.She said it might sell my house faster. The agent said that if I were to set aside a portion of my agreed selling price as a gift for the Genesis Foundation(helps buyers with no down payment) I could use this as a charitable deductrion on my income tax because Genesis is a not-for-profit org. I was just notified by my CPA that my donation cannot be used as a tax deduction. My question is this? Can I take the realitor and/or agent to court for fraud or misrepresentation? My agent for the realitor was an acquantaince and she now claims that this is how Genesis was marketed to her(by whom I don't know). Because she is a representative of that realitor are they reponsible for the agent to act within the law? What about the people who told her the info. This thread could probably fall under several categories.

[PghREA]

Since the seller is making a contribution to the PreferredProgram, a charitable, not-for-profit organization, is this contribution tax deductible?

The Seller's contribution paid to The Genesis Foundation is not tax deductible as a charitable contribution because the Seller derives the full benefit of the contribution through the sale of a home. For questions or clarification, please contact your personal tax advisor.


[url]http://preferredprogram.org/faqs.aspx#5[/url]

[seniorjudge]

Originally Posted by ITSMYHOUSE

I sold my house in Il. last year. The real estate agent told me about a program called the Genesis Foundation.She said it might sell my house faster. The agent said that if I were to set aside a portion of my agreed selling price as a gift for the Genesis Foundation(helps buyers with no down payment) I could use this as a charitable deductrion on my income tax because Genesis is a not-for-profit org. I was just notified by my CPA that my donation cannot be used as a tax deduction. My question is this? Can I take the realitor and/or agent to court for fraud or misrepresentation? My agent for the realitor was an acquantaince and she now claims that this is how Genesis was marketed to her(by whom I don't know). Because she is a representative of that realitor are they reponsible for the agent to act within the law? What about the people who told her the info. This thread could probably fall under several categories.

Scammers continue to get more ingenious....

[HomeGuru]

Writer, have a meeting with your principal broker.