2007-06-17 16:28:19 · 4 answers · asked by Jim S 2 in Business & Finance ➔ Taxes ➔ United States
50% of your AGI. Anything over that can be carried forward to future years.
FYI, it's not donations to non-profits, but to registered charities. There are plenty of non-profits that are not registered charities. Donations to those are not deductible.
2007-06-17 17:40:15 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 0⤋
No, but after $500 you have to go into great detail to prove the value of everything you are writing off (including proof of what you paid for the stuff, depreciated value, blah blah blah). Anyhow, unless you can furnish extensive proof you probably want to stop at $500 (or $495 for good measure) even if you really did donate more.
2007-06-18 00:06:03 · answer #2 · answered by Slumlord 7 · 0⤊ 2⤋
To add to the answer above... you can not write off any of your charitable contributions unless you itemize your deductions. In 2007 the standard deduction will be:
Single: $5,350
Head of Household: $7,850
Married Filing Joint: $10,700
So, your total itemized deductions (deductible medical expenses, taxes, mortgage, charitable contributions, etc) must exceed the standard deduction in order to deduct the charitable contributions.
2007-06-18 01:31:57 · answer #3 · answered by Anonymous · 2⤊ 0⤋
i think its $100 for single and $200 for married
2007-06-17 23:35:58 · answer #4 · answered by ♥mama♥ 6 · 0⤊ 4⤋