The basic rule is that your contributions to qualified public charities, colleges and religious groups generally can't exceed 60 percent of your Adjusted Gross Income (AGI) (100% of AGI in 2020 for qualified charities).
- The caps are a bit lower for gifts to other types of nonprofits. When it comes to gifts of appreciated property, the limit drops to 30 percent of AGI.
- If these restrictions limit your write-off in the year of the gift, the excess deduction carries over to the next year.
Here's more info on Charitable Donations.
@TigerMO
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