![]() ![]() There's also a special rule for folks who donate to colleges and universities and receive the right to buy tickets to school athletic events: They can deduct 80 percent of their donation.Ĭash may be king, but if you want a really big tax saver, your best bet may be a donation of appreciated property-securities, real estate, art, jewelry or antiques. For donations of more than $75, the nonprofit must give you a written statement telling you the value of what you received in return and reminding you that you can't deduct that portion of your contribution.$50 donation - $20 return = $30 deduction. ![]() If you buy a $50 ticket to a fundraising dinner at a church, but the cost of the dinner is $20, you can deduct $30.If these restrictions limit your write-off in the year of the gift, the excess deduction carries over to the next year.Īlso, keep in mind that you can't write off a contribution to the extent that you get something in return.When it comes to gifts of appreciated property, the limit drops to 30 percent of AGI. The caps are a bit lower for gifts to other types of nonprofits.The basic rule is that your contributions to qualified public charities, colleges and religious groups generally can't exceed 60 percent of your Adjusted Gross Income (AGI) (100% of AGI in 2020 for qualified charities). There's also a limit on how much you can deduct. ![]()
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