By:Roger Chartier
Of course you can take advantage of tax breaks for donations but
you can't make contributions to wipe out your tax burden completely.
The deduction is figured against your adjusted gross income like this:
- 50% of your adjusted gross for the total of all donations in the year.
- For property it is usually is up to 30% of adjusted gross income totaled for the year.
- for capital gains assets only 20%.
Remember you need to have to file a Form 1040 and itemize on Schedule A
Download Form 1040 Schedule A
For portions that have a benefit to you see "Donation Tax Benefit".
To get a donation deduction for a car see "Should I Donate My Car?"
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