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Charitable Contributions and Taxes
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Cash Contributions
Deduction limited to 60% of AGI; must be made to qualified organizations; documentation required for any amount.
Property Contributions
Deduction based on the fair market value; limited to 30% of AGI for capital gains assets; must have owned property for at least one year.
Stocks and Bonds Contributions
Fair market value deductible; limited to 30% of AGI; no capital gains tax if held for more than one year.
Clothing and Household Items
Generally deductible only if in good used condition or better; limited to 30% of AGI; must have documentation.
Vehicle Donations
Deduction depends on how the charity uses the vehicle; limited to 30% of AGI; additional forms required.
Intellectual Property Contributions
Fair market value can be deducted; legal and appraisal fees deductible; limited to 30% of AGI.
Conservation Easements
Deduction depends on easement terms; limited to 50% of AGI; increased limits for qualified farmers and ranchers.
Charitable Remainder Trusts
Immediate income tax deduction for the calculated present value of the remainder interest; subject to various AGI limitations based on the type of property contributed.
Services Contributions
No deduction for the value of time or services; out-of-pocket expenses related to volunteering are deductible.
Food Inventory Contributions
Enhanced deduction for C-corporations; other businesses deduct the cost or fair market value, whichever is less; limited to 15% of AGI for corporations.
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