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HoloKai
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If I make a significant donation to the Salvation Army, how many years can I carry the deduction forward?

 
2 Replies

If I make a significant donation to the Salvation Army, how many years can I carry the deduction forward?

You can carry over your contributions that you are not able to deduct in the current tax year because they exceed your adjusted-gross-income limits. You can deduct the excess in each of the next 5 years until it is all used, but not beyond that time.

If I make a significant donation to the Salvation Army, how many years can I carry the deduction forward?

Be sure that you keep good records in case of an IRS query.
Any nonmonetary donation that is in excess of $5,000 requires a signed written appraisal by a qualified appraiser.
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