What are the limits on charity donations?
An example of an AI chatbot conversation about charity donation limits and regulations.
What are the limits on charity donations I can make each year?
The IRS allows individuals to deduct charitable contributions up to 60% of their adjusted gross income (AGI) for cash donations.
Are there different limits for different types of donations?
Yes, for example, donations of property or stocks may have different limits, typically capped at 30% of AGI.
What happens if I exceed these limits?
If you exceed the limits, you can carry over the excess contributions to future tax years.
Do these limits apply to all charities?
No, the limits apply to qualified charities recognized by the IRS. Donations to non-qualified organizations may not be deductible.
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