Schedule A Charitable Contribution: Limitations
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- Опубліковано 22 лип 2023
- In this session, I discuss charitable contributions that goes on schedule A. I specifically discuss the type of contribution and the limitation.
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Your table is a perfect example in describing charitable contribution limits. Very helpful to me with my EA exam
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Do people need to report gift to charity on form 709 as well? Thank you!
Can you explain why we use 50% for cash when cash is usually 60% AGI? around 15:46 time
He previously mentioned at 11:00 that the TCJA reduced some itemized deductions. In response, Congress implemented a temporary 60% AGI limit for cash donations to certain qualified organizations. This applies to organization that is categorized as a '50% organization.' It seems he included an outdated slide (from around 15:46) that might be causing confusion. Just be aware that the 60% AGI limit applies to cash donations to qualified charities, which is called '50% organizations.