|
Is there a limit to how many charitable contributions I can make?
You can give away up to 20% of your adjusted gross income without worrying about any limitations. In most cases, you can give away up to 50% of your income, depending on the type of organization you give to and whether your contributions are cash or noncash. You can take a full deduction for contributions to most charitable organizations, such as churches, schools, and hospitals. You can only deduct gifts of up to 30% of your adjusted gross income to other organizations, such as veterans’ organizations. And deductions for gifts of appreciated assets such as stocks or property are limited to 30% or 20% of your income, depending on the receiving organization. Your deduction is also limited if you only donate the use of property.
If you cannot take a full deduction for your charitable contribution, you can carry forward the excess to up to five succeeding years.Return to Questions
|
