Ignacio and Perla are married and both are professors at a local college.They contribute money to various organizations each year and file a joint return.Their adjusted gross income for 2016 is $100,000.They contributed to the following organizations in 2016:
• $3,500 to the Sierra club
• $10,000 to the Red Cross
• $2,000 to a local political candidate
• $11,000 to cancer research foundation
• Donated clothing to Goodwill.Ignacio purchased the items for $450,but the thrift shop value of the same items at a local second-hand store is equal to $60.)
How much can Ignacio and Perla deduct as charitable contributions for the year 2016?

Question

Quizplus · Accepted Answer

The total amount of charitable contributions that Ignacio and Perla can deduct for the year 2016 is $26,560. This includes the $3,500 to the Sierra Club, $10,000 to the Red Cross, $11,000 to the Cancer Research Foundation, and $2,000 to the local political candidate. The donation of clothing to Goodwill is not deductible because the thrift shop value of the items is less than the amount that Ignacio paid for them.

Ignacio and Perla Are Married and Both Are Professors at a Local