Donation of Real Estate

[DLW55]

My donation of real estate in 2024 will exceed what I understand is a 60% of AGI annual limit on charitable deductions. I followed the IRS requirements for valuation and donation of real estate and found how to enter this donation in TurboTax. I have not completed the rest of my entries in TurboTax. I understand I can carryover the excess donation for five years. Will TurboTax handle the carryover deductions for this donation? Will the 60% maximum be taken each year until the full donation amount is deducted or may I designate each year the amount of the deduction taken for this donation? Thank you.

[KrisD15]

Yes, you have a choice and can choose the year you want to use the carryover for the future year.

That choice would be made when filing.

Once the years allowed for that carryover are exhausted, any remaining carryover is lost. 

How a charitable contribution carryover is handled is actually pretty complicated. 

The order a carryover and new donations are claimed have a certain hierarchy depending on type of donation and type of charity.

Here is an IRS link with more

Yes, TurboTax will carryover the unused amounts and apply them to subsequent return. 

You can always check under

Deductions & Credits

Charitable Donations

Charitable Donation Carryover from (previous) year

Here is a TurboTax link with more