charitable contribution deduction

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Charitable Contribution Deduction

A reduction in one's taxable income as a result of donations to a charity or other non-profit. A charitable contribution deduction reduces the income on which one pays taxes up to 50% of one's adjusted gross income. Donations to most non-profits qualify for the charitable contribution deduction with the notable exception of political organizations such as labor unions or lobbyists.

charitable contribution deduction

An itemized income-tax deduction for donations of assets to Internal Revenue Service-designated organizations. Certain qualifications on this deduction apply, such as a contribution limit of 50% of a taxpayer's adjusted gross income. Of particular interest to investors is the option to donate appreciated property (that is, securities that have increased in value since acquisition) and to deduct the entire market value of the donated assets without being obligated to pay taxes on the capital gains. Donations of appreciated property may subject the taxpayer to the alternative minimum tax.
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References in periodicals archive ?
Basic Tax Rules for Charitable Contribution Deductions
Planning for Charitable Giving by High-Income Taxpayers
On the grounds that the benefit of a razed building was only incidental relative to the benefit flowing to the public in the form of valuable firefighting training, taxpayers relied on Scharf to employ this strategy to generate charitable contribution deductions.
A deduction properly extinguished? The live-burn donation: a proposed sequence of analysis and policy evaluation
8 billion in potentially erroneous non-cash charitable contribution deductions in tax year 2010.
TIGTA: noncash charitable contribution claims still often erroneous
Individuals claiming charitable contribution deductions should be mindful of the substantiation requirements of Sec.
Contemporaneous documentation of charitable contributions
Deductions were claimed for executor's commissions of $87,000, attorney's fees of $94,000, administrative expenses of $8,500, charitable contribution deductions of $142,000, and $175,000 owed to the mother for her services.
Estate planning/taxation
Employees receive tax receipts for charitable contribution deductions.
Employee Incentive Programs - I Love Rewards Partners with Benevity to Add Charitable Giving Features
Charitable contribution deductions may be taken for the gift of a life insurance policy, life insurance premiums, maturing annuity, and endowment contract.
Charitable remainder trust
Excluded distributions cannot be claimed as charitable contribution deductions.
Still more legislation: 2008 Emergency Economic Stabilization Act changes
The deduction for an individual's contributions to most nonpublic (private) charities, regardless of the type of property given away, is limited to the lesser of (a) 30% of the taxpayer's contribution base, or (b) 50% of his contribution base minus the amount of charitable contribution deductions allowed for contributions to the public-type charities.
Chapter 32: Charitable contributions
Excess charitable contribution deductions can be carried forward for up to an additional five years.
Conservation easement made easy, with five steps
Everson said that the agency has uncovered "numerous instances" where taxpayers have claimed improper charitable contribution deductions for easement transfers that do not qualify as conservation contributions or have claimed deductions for amounts that far exceed the fair market value of the donated property.
IRS increases scrutiny of tax deductions
Whether by allowing charitable contribution deductions or aiding in the building of low-income housing, tax law can offer a helpful arm in trying to rebuild the lives of Americans affected by this tragedy.
Treating deductions for post-attack charities. (Taxation)

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