What are the limits on charitable contributions for tax deductions?
An example of an AI chatbot conversation about charitable contribution limits for tax deductions.
What are the limits on charitable contributions for tax deductions?
The IRS allows you to deduct contributions to qualified charities, generally up to 60% of your adjusted gross income (AGI). However, this limit can vary based on the type of donation and the organization.
Are there different limits for cash and non-cash donations?
Yes, cash donations typically have a limit of 60% of your AGI, while non-cash donations, like property, can be limited to 30% of your AGI.
What if I exceed these limits?
If you exceed the limits, you can carry over the excess contributions to future tax years, subject to the same percentage limits.
Do I need to keep records of my donations?
Yes, it's important to keep records of your donations, including receipts and acknowledgment letters from charities, especially for contributions over $250.
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