The deduction for charitable contributions is limited to ten percent of the taxpayer's AGI whereas casualty losses on personal assets are only deductible to the extent the losses exceed ten percent of the taxpayer's AGI.

Question

Quizplus · Accepted Answer

The statement is incorrect. The deduction for charitable contributions is generally limited to 60 percent of the taxpayer's AGI, while the deduction for casualty losses on personal assets is limited to the extent the losses exceed ten percent of the taxpayer's AGI.

The Deduction for Charitable Contributions Is Limited to Ten Percent