what is 2007 limit for charitable donations?

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what is 2007 limit for charitable donations?

2007-12-20 12:46:01 · 2 answers · asked by Tori H 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

In general, 50% of your AGI. There are exceptions to that, though. See the instructions for Schedule A on the IRS website. It's much too complex to go into detail here.

2007-12-20 12:50:47 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋

There are 3 limits on charitable contributions 50%, 30%, and 20%. Like bostonian said, its too complex to list here.

Most likely, you will donate cash or property that qualifies you for the 50% limit. If you contribute more, then you can carryover the deduction into next year.

2007-12-20 20:59:37 · answer #2 · answered by Steve 6 · 0⤊ 0⤋