The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/you-cannot-arbitrarily-choose-to-carry-forward-30437925.aspx

Subject:  Re: Itemized charitable deduct question Date:  12/17/2012  5:37 PM
Author:  ptheland Number:  117142 of 121169

You cannot arbitrarily choose to carry forward charitable deductions. They are deductible only in the year of contribution.

The carryover provision is for the situation when your contributions are greater than the allowed limitation (20%, 30% or 50% of AGI, depending on the type of contribution and the recipient organization).

--Peter
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us