Yes, you receive an income tax deduction for the cash or assets you contribute to your Donor Advised Fund in the year you contribute.
The IRS does mandate some limitations, depending upon your adjusted gross income (AGI):
- Deduction for cash – up to 60 % of AGI.
- Deduction for securities and other appreciated assets – up to 30 % of AGI.
- There is a five-year carry-forward for unused deductions.
There are no further deductions for donations made from your fund by the organization that sponsors your DAF.
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