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If I make a significant donation to the Salvation Army, how many years can I carry the deduction forward?
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posted
June 4, 2019
4:21 PM
last updated
June 04, 2019
4:21 PM
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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.
June 4, 2019
4:21 PM
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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.
Any nonmonetary donation that is in excess of $5,000 requires a signed written appraisal by a qualified appraiser.
June 4, 2019
4:21 PM
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