[Anonymous]

In CPAexcel it says that charitable deduction is limited to 30% of AGI. But then at an answer explanation, I noticed it said, an individual’s charitable contribution to public charities may not exceed 50 percent of the individual’s adjusted gross income. Can someone explain the discrepancy?

[Jordan23cc]

I am studying for REG right now too so I feel your pain. If the contributions is cash, then you use the 50% of AGI test. If the contribution is property, you use the 30% of AGI test.

I don't know about you, but I absolutely love all of the differences and exceptions. :/

F - 2/15/2014 - 85
B - 2/26/2014 - 88
R - 4/1/2014 - 83
A - 4/21/2014 - 95

Licensed CPA in TX

I can do all things through Christ who strengthens me.

[Jordan23cc]

I am studying for REG right now too so I feel your pain. If the contributions is cash, then you use the 50% of AGI test. If the contribution is property, you use the 30% of AGI test.

I don't know about you, but I absolutely love all of the differences and exceptions. :/

F - 2/15/2014 - 85
B - 2/26/2014 - 88
R - 4/1/2014 - 83
A - 4/21/2014 - 95

Licensed CPA in TX

I can do all things through Christ who strengthens me.

[TargetCPA]

@ determined, Congrats for your BEC pass.

STCG = Less than 1year. Overall contributions are generally limited upto 50% of AGI

LTCG = More than 1year. This LTCG contributions are limited upto 30% of AGI

C/F = upto 5YEARS

[TargetCPA]

@ determined, Congrats for your BEC pass.

STCG = Less than 1year. Overall contributions are generally limited upto 50% of AGI

LTCG = More than 1year. This LTCG contributions are limited upto 30% of AGI

C/F = upto 5YEARS

[Author]

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