Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Had a thought this AM while thinking about retirement, income, and taxes.

I do medical missionary work on a regular basis, so I know that certain expenses can be "written off" as charitable deductions. Basically the cost of getting there and staying there but not my professional services.

What would I be able to "write off" if I retired and spent 9 months a year in Nicaragua (or various places) doing medical mission work? Would I be able to count housing, food, etc., as charitable donations for that extended period of time? Isn't there a percentage limit, say I can only donate up to X% of my income?

Just curious.

JLC
Print the post Back To Top
No. of Recommendations: 1
What would I be able to "write off" if I retired and spent 9 months a year in Nicaragua (or various places) doing medical mission work? Would I be able to count housing, food, etc., as charitable donations for that extended period of time? Isn't there a percentage limit, say I can only donate up to X% of my income?

What you can write off doesn't change just because the time devoted to the charity work changes. However, your charitable deduction is limited to 50% of your adjusted gross income and you only get the deduction if you itemize deductions. This assumes that your efforts are on behalf of a US charity (or one the US tax code treats similarly to US charities) which isn't a private foundation.

Ira
Print the post Back To Top