They are capped, sort of. One year I got a windfall and gave more than half my adjusted gross income to few 501(c)(3) charities. I could deduct only 1/2 my adjusted gross income, but I could carry the balance over to the next year. The next year, I could deduct most of that, but carried the rest until the third year. If I remember correctly, these can be carried over until they are all used up.Mr. Buffett could carry the balance over to the next year (and probably does), but I do not see that doing him any good because he will be making comparable charitable gifts each year. He can probably deduct $3000 of it each year from ordinary income, for all the good that would do him. =============================The carryover period for contributions is limited to 5 yrs.The $3,000 limit is for capital losses; the limit for contributions is 50% of AGI, as you mentioned, but further limited to only 30% for stocks and other capital gain property.I don't think Buffett believes in capital losses.Bill
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