JohnB5677
Expert Alumni

Deductions & credits

Yes, there are limitations, but they are more flexible than a flat amount.

  • There is a limit to how much money you can deduct for church donations. It's usually 60% of your adjusted gross income (AGI).
  • Donations of property or appreciated assets are usually limited to 30% of AGI.
  • Amounts exceeding these limits can be carried forward for up to five years
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