I could have charitable contributions for this year in excess of $2,000 .
How much of these deductions can I CARRYFOWARD into the future and, if so, for how many years?
(My charitable contributions are donations of books to public libraries)
Thanks for help.
2007-12-26 01:14:57 · 3 answers · asked by walkathisway 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Let's phase this a different way. If you donated $2000 of books in 2007, you can only take a deduction if you itemize your deductions in 2007. If you are single, you will need to have more than $5350 of deductions to see a difference in your tax.
If you do not file for 2007 or take the standard deduction, you cannot save the charitable donation for a later year.
2007-12-26 03:53:11 · answer #1 · answered by Anonymous · 2⤊ 0⤋
You can only carry forward charitable deductions that exceed the limit for the year. Generally charitable deductions are limited to 50% of your AGI but there are also 30% and 20% limits for some charities. Any deductions that do not exceed the limit must be taken in the year of the actual donation or they are lost.
2007-12-26 09:35:20 · answer #2 · answered by Bostonian In MO 7 · 3⤊ 1⤋
See the answers to your other question in the "United States" category.
2007-12-26 09:23:36 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋