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The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of taxpayers eligible to benefit from charitable deductions.
The particular tax consequences of a donor's charitable contribution depends on the type of contribution that he makes. A taxpayer may contribute services, cash, or property to a charity. There are a number of traps, especially that donations of short-term capital gains are generally not tax deductible.
According to the latest Giving USA Annual Report of Philanthropy, charitable giving by American individuals in 2018 totaled about $292 billion. -- Consider donations for conservation purposes ...
By claiming charitable donations as tax deductions on Form 1040, Schedule A, Itemized Deductions, instead of claiming the standard deduction, you could even lower your taxable income.
In this scenario, your total charitable donations would need to be more than the 2022 thresholds for standard deductions, which are $25,900 for couples filing jointly, $12,950 for single filers or ...
For 2024, individual retirement arrangement (IRA) owners aged 70 ½ and older can make up to $105,000 in tax-free charitable donations through qualified charitable distributions — up from ...
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