Charitable Contributions Flashcards
1
Q
Can you take deduction for charitable contribution made to foreigner countries?
A
You may be able to deduct contributions to certain Canadian, Israeli, or Mexican charitable organizations when you have income from that countries.
2
Q
Limits on Deductions
A
The amount you can deduct for charitable contributions can’t be more than 50% of your AGI. Depending on the type of property and type of organization, your deduction may be further limited to 30% or 20% of your AGI. You can carry over any contributions you can’t deduct in the current year because they exceed your AGI limits. You can deduct the excess in each of the next 5 years until it is used up.
