The deduction to individual taxpayers for charitable contributions paid in cash made to public charities 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 deduction for charitable contributions to public charities is generally limited to 60% of the taxpayer's AGI, not 10%. Casualty losses are deductible only if they exceed 10% of the taxpayer's AGI, but the charitable contribution limit is higher.

The Deduction to Individual Taxpayers for Charitable Contributions Paid in Cash