Standard Deduction and Itemized Deductions - Itemized Deductions - Charitable Contributions
4 important questions on Standard Deduction and Itemized Deductions - Itemized Deductions - Charitable Contributions
What is the deduction amount for charitable contributions of ordinary income property?
What is the deduction amount for long-term capital gain property?
What are the limits for contributions to public charities?
- Cash: 60% of AGI.
- Ordinary income property: 50% of AGI
- Long-term capital gain property: 30% of AGI
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How do calculate apply limits among mixed types of contributions?
- When applying the 50% limit, subtract any contributions subject to the 60% limit already considered
- When applying the 30% limit, the limit is calculated as the lesser of
- 1) 30% of AGI
- 2) 50% of AGI minus any 60% and 50% limit property already considered.
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