What is a charitable deduction?

Question

Quizplus · Accepted Answer

A charitable deduction is a tax deduction that allows taxpayers to deduct the value of their charitable contributions from their taxable income or estate. Specifically, a charitable deduction can be taken for contributions made to qualified charitable organizations during a taxpayer's lifetime or as part of their estate plan. The deduction reduces the amount of income or estate that is subject to tax, thereby lowering the taxpayer's overall tax liability. Option C is the most accurate as it refers to a deduction from the taxable estate to a qualified charitable organization.

What Is a Charitable Deduction