Ok lets say hypothetically that I gave 50% of my gross income to a charity last year. How much can I right off and not owe taxes on?
2007-01-22 09:55:28 · 2 answers · asked by xplus0ne 2 in Business & Finance ➔ Taxes ➔ United States
Depending on what you're giving and who you're giving it to, the limits range from 20% to 50% of your AGI. 50% is for total contributions. See IRS Publication 17, Chapter 24 or other IRS documents.
Obviously it is only legal to deduct what you actually gave. You can be asked by the IRS to prove that you actually made the contributions you claim.
2007-01-22 10:38:54 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
The limit is 50% of gross income. At that level, one would do well to have good documentation. That deduction is phased at for incomes over 150k.
2007-01-22 17:59:54 · answer #2 · answered by david42 5 · 0⤊ 0⤋