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Category: Finding Deductions

Limitations on your deduction for Charitable Contributions

If your charitable contributions meet one of the following conditions, the amount of your deduction may be limited:

  1. Your cash contributions of ordinary income property are more than 30% of your AGI.
  2. Your gifts of capital gain property (such as stocks, real property, etc.) are more than 20% of your AGI.
  3. You gave gifts of property that increased in value or you gave gifts of the use of property.
  4. The total amount of your deduction for charitable contributions is limited to 50% of your AGI.

To figure if the amount of your contributions meets the conditions in 1 or 2 (above), use your AGI found on line 37 of your Form 1040.

If one of the above applies, you would need to consult IRS Publication 526, Charitable Contributions to determine the amount of deductible contributions that you can report on your return. Information about limitations can be found starting on page 13.