The amount that can be deducted for charitable contributions on taxes depends on the individual's adjusted gross income (AGI), the type of contribution made, and the organization to which the donation was given.
For cash donations made to qualified charities, an individual can deduct up to 60% of their AGI for the tax year in which the contribution was made. For donations of appreciated property, such as stocks or real estate, the deduction limit is 30% of AGI.
If the contribution was made to a non-qualified organization, such as a political campaign or a private foundation, the deduction limit decreases to 50% and 20% of the AGI respectively.
It is important to note that the individual must be able to provide proper documentation of the donation, such as a receipt or written confirmation from the charitable organization.
If an individual is unable to meet the deduction limit for the current tax year, any excess contribution can be carried forward for up to five years.
If an individual has specific questions or concerns regarding their charitable contributions and tax deductions, it is recommended they speak with a licensed tax professional or attorney.
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