Charitable Contribution Deduction - Definition
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Charitable Contributions Deduction Definition
The charitable contributions tax deduction allows a taxpayer to deduct from their taxable income the amount of money or value property donated to a qualifying charitable entity. The deduction is subject to numerous limitations. A Little More on What is the Charitable Contribution Tax Deduction To be a qualified charitable organization under IRC 170(c). For donations to most organizations, the deduction is capped at 50% of the donors adjusted gross income. The deduction is 30% on contributions to fraternal organizations, cemeteries, and veteran groups. The deduction must be taken in the year that the funds or property is donated to the qualifying charity. The charitable contributions tax deduction for individuals is recorded on Schedule A of Form 1040.
Reference for Charitable Contributions Deduction
https://www.bankrate.com Glossary Chttps://www.investopedia.com/.../tips-charitable-contributions-limits-and-taxes.aspwww.businessdictionary.com/definition/charitable-contribution-deduction.htmlhttps://financial-dictionary.thefreedictionary.com/charitable+contribution+deductionhttps://www.irs.gov/charities-non.../charitable.../charitable-contribution-deductions