The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Charitable Deduction Limitations/Reductions?||Date: 9/6/1999 9:21 AM|
|Author: CheetahChrome||Number: 18670 of 120415|
I am trying to make sure I understand how one's deductions for charitable contributions can be reduced or limited.
As I underatand it, one may deduct contributions (let's say cash, to make it easy) to charitable organizations in an amount up to 50% of your AGI. is this correct (I'm ignoring the rare 30% case)?
But something I'm confused about is whether there is some kind of reduction based on income (or AGI). Is it the case that deductions have to be greater than a certain % of income to be considered (e.g., only contributions greater than 3% of AGI are considered)?
Any help appreciated.
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