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Level 1

Question

Limit on Donations

2 replies
54 views

Is there a limit on the amount of deduction you can take for cash or check donations, such as based on your income?

Thank you.

Ask the Experts - Energy - June 2023

Alumni - Intuit

The new threshold is 60 percent of AGI for cash contributions held for over a year, and 30 percent of AGI for non-cash assets.

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Level 15

Yes. If your donations exceed a certain percentage of your income, the deduction will be limited and the unused portion will carry over to the next tax year, for up to 5 years.

Most charities are "50% organizations" which means you can deduct an amount up to 50% of your income (except the limit is currently 60%, even though they are still labeled "50% organizations.") Some organizations are 20% or 30% organizations.

See here for more,

https://www.irs.gov/pub/irs-pdf/p526.pdf

To give an extreme example, if you found a painting in your attic appraised at $1 million and you donate it to a museum, but your income is $100,000 per year, you can only deduct $50,000 as a charitable deduction, and the unused part carries forward for up to 5 years.