Is there a maximum amount you can claim/deduct on your taxes?

Question

Charity donations, Stolen car, and the moving cross country refund. Is there a max for it all???

Answer 1

yes - the max is "what you can prove if you're audited"

some categories are limited to a percentage of your income or other factors (ie. you can only claim gambling losses to the extent that you claim gambling winnings)

Be aware that for tax years starting this year, you must have receipts for any charitable deduction - whether it's cash or property.

Answer 2

I've found www.irs.gov to be helpful. Do searches for what you need. Each of those deductions have their own rules but you should find what you need there. Also, I've found that hiring a tax professional to be invaluable. They can do it all for you for a resonable fee. They will more than likely pay for themselves with an expertly prepared return. They will make sure you end up with what you have coming to you.

Answer 3

There are limits on charitable contributions - the limits vary with the type of contribution. For a casulty loss, you have to subtract part of it and can only deduct the rest.

Answer 4

What does common sense tell you? Look at the income tax charts and tell me where it states a maximum income anywhere!

Answer 5

There are amounts that, above which, you will trigger at least a second look from the IRS if not a direct inquiry but the IRS does not let us know what those amounts are.

Answer 6

You need to check with a CPA or tax lawyer to get the correct answers. Good luck.