Charitable donations made to qualified charitable orgs are deductible to specified limits.
- 1) Limits deduction: Generally, up to 50% of donor's AGI (and the remainder can be carried over for up to 5yrs) (deduction capped @ half of AGI)
- 2) Apreciated property: FMV of gift (only up to 30% of donor's AGI) (20% for private orgs) (probable gain deduction disallowed)
= groups organized & operated exclusively
for religion, charitable science, literary and education (cannot be an individual)
*Record-keeping: If contribution over $250, TP must obtain by time of filing, an acknowledgment from charity described property received & value