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If a donor is contributing property that would have yielded a long-term capital gain in a sale, then the deduction for the contribution is limited to 30% of donor's adjusted gross income in the year of donation if the donee is a public charity, and limited to 20% if the donee is a private foundation. Contributions over the respective AGI ...
The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of taxpayers eligible to benefit from charitable deductions.
According to the latest Giving USA Annual Report of Philanthropy, charitable giving by American individuals in 2018 totaled about $292 billion. -- Consider donations for conservation purposes ...
According to J.P. Geisbauer, a Certified Public Accountant (CPA) at CenterPoint Planning, “With [the] standard deductions as high as they are… and the $10K state and local tax deduction ...
Enhanced charitable deductions—for corporate donations of scientific property used for research, and of computer technology and equipment; Archer medical savings accounts; Suspension of the taxable income limit on percentage depletion for oil and natural gas produced from marginal properties
Self-employed taxpayers may be able to deduct health insurance premiums, as well. 8. Charitable Contributions. If you itemize deductions, you can subtract cash and noncash contributions to 503(c ...