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In most cases, universitys are "50% charities." That means you can deduct up to 50% of your adjusted gross income as a charitable deduction.
Assuming you have no other front page additions, your AGI will be close to $75K meaning you can deduct 37.5K as an itemized deduction on schedule A. You may also have other itemized deductions such as mortgage interest and property taxes. If filing jointly, that brings you down into the 15% bracket, so you will probably save roughly $5000 over the previous year. For a more precise estimate try these calculators.
https://www.irs.gov/individuals/irs-withholding-calculator
https://turbotax.intuit.com/tax-tools/calculators/taxcaster
The unusable donation amount (($7500) will carry forward to next year.
As suggested above, you will need a signed appraisal, and a form 8232 signed by the appraiser and by a financially responsible official from the university. You can e-file, but after e-filing you will be prompted to mail the original signed form 8232 to the IRS with a cover letter.
In most cases, universitys are "50% charities." That means you can deduct up to 50% of your adjusted gross income as a charitable deduction.
Assuming you have no other front page additions, your AGI will be close to $75K meaning you can deduct 37.5K as an itemized deduction on schedule A. You may also have other itemized deductions such as mortgage interest and property taxes. If filing jointly, that brings you down into the 15% bracket, so you will probably save roughly $5000 over the previous year. For a more precise estimate try these calculators.
https://www.irs.gov/individuals/irs-withholding-calculator
https://turbotax.intuit.com/tax-tools/calculators/taxcaster
The unusable donation amount (($7500) will carry forward to next year.
As suggested above, you will need a signed appraisal, and a form 8232 signed by the appraiser and by a financially responsible official from the university. You can e-file, but after e-filing you will be prompted to mail the original signed form 8232 to the IRS with a cover letter.
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