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.50% of AGI is the ceiling for donations.

Question

Quizplus · Accepted Answer

The deduction for charitable contributions is actually limited to 60% of AGI, not 10%, and the ceiling for donations is 30% or 50% depending on the type of organization. Casualty losses on personal assets are deductible to the extent the losses exceed 10% of AGI.

The Deduction for Charitable Contributions Is Limited to Ten Percent