Charitable contributions - Income Limitations
Answer:
There are 50%, 30% and 20% ceiling amounts allowed based on your adjusted gross income.
The amount of the contribution and the type of cash or property donation, will determine the current year allowed amount. Any amount limited in the current year can be carried over during the next 5 years.
In general, cash and ordinary income property and capital gain property held less than 12 months would be considered 50% property.
Speak to your local CPA about the deductibility of your contributions.
The amount of the contribution and the type of cash or property donation, will determine the current year allowed amount. Any amount limited in the current year can be carried over during the next 5 years.
In general, cash and ordinary income property and capital gain property held less than 12 months would be considered 50% property.
Speak to your local CPA about the deductibility of your contributions.
