hopeful_cpa
offlineMember
can you combine property contributions (30% of AGI) and cash contributions (50% AGI)?
ex.
AGI 10,000
Cash contribution to qualified charity 5,000
Property contribution to a different qualified charity 3,000.
is the total deduction 8,000?
hopeful_cpa
offlineMember
Oh sick... I'm up in the Thousand Oaks area. Yea I have a tight schedule, I'm so sick of how this is taking me, I have quit work and everything to focus on these exams, so this is all I am doing right now... other than me seeing a few clients I have still, all I do is study for the most part.
I'll be honest, I haven't studied nearly as much for this REG retake as I did last time. Then again, I know exactly the mistakes I made and if I hadn't made those I would have passed it. AUD will be a diff story, I'm doing all the lectures and everything again. I just hope I pull something amazing out for those sims =/
PistolPete
offlineMember
Yes, you can combine charitable contributions of cash and property. However, the overall charitable contribution limit is 50% of AGI for individuals. So in your example with AGI of $10,000 (50% = $5,000), the entire charitable contribution is used by the amount of cash contributed. The property may be carried forward 5 years as unused.
I just did the following Becker question:
$5,000,000 AGI
$12,000,000 of property contributed......Limited to 30% of AGI = $1,500,000
$3,000,000 of cash contributed............Limited to 50% of AGI = $2,500,000
Answer. The overall limitation is $2,500,000. The property is taken at $1,500,000, and an additional $1,000,000 can be taken from the cash contributed.
You must log in to post.
