Charitable contributions given during one's lifetime provide an income tax deduction and remove property from the estate.

Question

Quizplus · Accepted Answer

Charitable contributions made during one's lifetime can be claimed as an itemized deduction on their income tax return, resulting in a reduction of taxable income. Additionally, charitable giving can reduce the size of one's estate, helping to minimize estate taxes.

Charitable Contributions Given During One's Lifetime Provide an Income Tax