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Aznanalyst83
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Joined: 10 May 2009
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Posted: 10 Jul 2009 at 23:52 \| IP Logged

Hi all, let me see if I got it right.

For businesses, is a flat 10% deduction and carry forward up to 5 years.

For personal, is 30% * AGI (If goods) or 50% * AGI (If taxes)

So if I donate 30,000$ worth of items and 50,000$ cash with an AGI of 100,000

then do I get two seperate deductions? One for cash and one for items?

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roswellpodsquad
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Posted: 11 Jul 2009 at 00:08 \| IP Logged

No, you only get one deduction that cannot exceed 50% of your AGI. So, you
would take the 30% limitation for your property and add cash donations on
to that amount. But your total deduction cannot exceed 50% of AGI.

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caixinran
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Posted: 11 Jul 2009 at 00:10 \| IP Logged

Aznanalyst83

No matter how, your limit of total Charitable contribution(Cash + Property) will be 50% of AGI.

In your case, you can only deduct up to $50,000 (50% of AGI), and rest of $30,000 will be carried over up to preceeding 5 years.

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Aznanalyst83
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Posted: 11 Jul 2009 at 12:05 \| IP Logged

ZING!

Thank you!

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