Posted: 2/12/2011 7:05:24 AM EDT
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How much can a married couple filing jointly claim as a deduction for charitable donations?
We donate several hundred dollars worth of clothes, shoes, etc each year to our local associate for the blind. Honestly, its probably over a thousand dollars worth of stuff this year (havent gone through my files and added up the reciepts yet)....we took a trunkfull of stuff about 7 times in 2010. What is limit on deductions? |
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Quoted:
Quoted:
50% of AGI. /Thread No, it's not the end of the thread. Depending on what you contribute, the limit is 20%, 30% or 50% of AGI. If you contribute more than that, you can carry forward for use in the following 5 years. The rules can be complex, so talk to a tax pro if you aren't sure, but you can read up on the basics here: IRS Publication 526 - Charitable Contributions |