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igworden
New Member

CHaritable donations is not reducing my tax liabilty. While I know there are limits, I am way below limit and all were cash donations

 
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ChrisJ
New Member

CHaritable donations is not reducing my tax liabilty. While I know there are limits, I am way below limit and all were cash donations

The amount you can deduct for charitable contributions generally is limited to 50% of your adjusted gross income. Your deduction may be further limited to 30% or 20% of your adjusted gross income, depending on the type of property you give and the type of organization you give it to. You have to itemize deductions on Schedule A in order to 'count' your charitable contribution. 

Read more here: https://www.irs.gov/taxtopics/tc506.html

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