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Deductions & credits
even if you donate the cash proceeds to charity you'll still be subject to depreciation recapture and capital gains tax on the balance of the gain.
In the case of any contribution of cash to any 501(c)(3)s}, the deductible limit for any taxable year beginning after December 31, 2017, and before January 1, 2026, shall not exceed 60 percent of the taxpayer’s adjusted gross income (computed without regard to any net operating loss carryback to the taxable year under section 172).
if AGI is $273K the max cash contribution is about $164K and excess would carry over. you really need to do a tax projection. things you haven't mentioned could affect your taxes like the alternative minimum tax.
November 13, 2022
10:03 AM
1,152 Views