The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  https://boards.fool.com/remember-that-you-must-itemize-deductions-in-order-34614347.aspx

Subject:  Re: taxes in year of inheritance Date:  9/10/2020  1:40 PM
Author:  irasmilo Number:  131038 of 133106

Remember that you must itemize deductions in order to make use of the 100% AGI charitable contribution limit. That shouldn't be an issue if you're donating enough to fund an endowed scholarship. Otherwise, you will be limited to a $300 above the line adjustment for charitable contributions in 2020.

Ira
Copyright 1996-2021 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us