Lee Reams & Associates
Po Box 6768
Malibu, CA 90265
Map It!
Ph: 818-338-8700
Fax: 818-740-0550
lee2.reams@clientwhys.com
Limits on Charitable Deductions
Malibu Tax Preparation
In general, deductions for charitable gifts are limited to 50% of a taxpayer's adjusted gross income. However, depending on the kind of organization and the type of property being given, that limit can dip as low as 20%. And if the individual's income is high enough, the partial benefit of his or her charitable deductions can be lost due to an overall limit the IRS imposes on itemized deductions.
|  |