Re: Charitable tax deduction question
- From: "Paul Thomas, CPA" <paulthomascpapc@xxxxxxxxxxxxx>
- Date: Sat, 25 Feb 2006 15:36:52 -0500
"Frank103" <frank103@xxxxxxx> wrote
I am considering doing a retained life estate with a large charitable
organization. The charity tells me, based upon the value of my personal
residence, that I will receive a charitable income tax deduction of
$140,812. Can someone please answer several questions:
1. How many years do I have to use the full amount of the tax deduction?
Is there any time limit involved ?
Charitable contributions are limited to not more than 50% of your AGI.
Excess charitable contributions get carried forward for 5 more tax years.
So six returns could be impacted.
2. Am I limited in the amount I can use in any given year?
Not more than-----50%. Depending on the charity, it could be less.
3. Will the alternative minimum tax enter into this if my taxes are really
low for any given year?
Anything is possible, but charitable contributions are not an AMT preference
item.
--
Paul Thomas, CPA
paulthomascpapc@xxxxxxxxxxxxx
.
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- From: Frank103
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