[hopeful_cpa]

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?

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[SoCalCPA]

Good question hopeful! I didn't even think about that. I don't think it can be combined, so I would think $5K max would be deductible.

Hopefully someone knows 100% and posts =)

B - (4/2012)
A - (5/2012)
R - (1/2012) Done!
F - (10/2011) Done!

[SoCalCPA]

Hopeful! I was right. The overall limit is 50% of AGI.

Excess contributions can be carried forward five years. Cash contributions must be proved by a bank record or by the charity =)

B - (4/2012)
A - (5/2012)
R - (1/2012) Done!
F - (10/2011) Done!

[hopeful_cpa]

Great… thanks, I really appreciate it.

Where in SoCal are you? I'm here as well.

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[SoCalCPA]

O haha nice. I'm in south bay (Torrance). You? By the way, you have a pretty tight schedule, even for a retake haha. good luck!

B - (4/2012)
A - (5/2012)
R - (1/2012) Done!
F - (10/2011) Done!

[hopeful_cpa]

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 =/

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[SoCalCPA]

O haha if you aren't working, you should do fine 🙂 Yea these sims… suck lol

B - (4/2012)
A - (5/2012)
R - (1/2012) Done!
F - (10/2011) Done!

[hopeful_cpa]

well i'm working, just not doing the 9-5 hamster run anymore =) in a field unrelated to accounting

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[SoCalCPA]

o haha I'm in audit so I'm getting hammered (with work) for the next several months lol.

B - (4/2012)
A - (5/2012)
R - (1/2012) Done!
F - (10/2011) Done!

[hopeful_cpa]

i want to get in with a firm… just cant seem to get to the interview process… kind of disheartening.

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[PistolPete]

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.

FAR - 68, 79
AUD - 82
REG - 71, 71, 80
BEC - 76

CMA
Part 1: October 2013
Part 2: January 2014

[Author]

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