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Federal Income Tax Charitable Contributions. 2 Contributions Problem 7 - 56.

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Presentation on theme: "Federal Income Tax Charitable Contributions. 2 Contributions Problem 7 - 56."— Presentation transcript:

1 Federal Income Tax Charitable Contributions

2 2 Contributions Problem 7 - 56

3 Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis? Both tangible and personal? No

4 4 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV Problem 7 - 56

5 5 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV $50,000 30% x $100,000 = $30,000 Problem 7 - 56

6 6 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV $40,000 50% x $100,000 = $50,000 Problem 7 - 56

7 7 Contributions Problem 7 - 56 Problem 7 - 54

8 Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis? Both tangible and personal?

9 9 Problem 7 - 54 a.$40,000 FMV30% limit

10 Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis?

11 11 Problem 7 - 54 a.$40,000 FMV30% limit b.$10,000 basis50% limit

12 Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis?

13 13 Problem 7 - 54 a.$40,000 FMV30% limit b.$10,000 basis50% limit c.$100,000 FMV30% limit

14 Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis?

15 15 Problem 7 - 54 a.$40,000 FMV30% limit b.$10,000 basis50% limit c.$100,000 FMV30% limit d.$50,000 basis50% limit

16 Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis?

17 17 Problem 7 - 54 a.$40,000 FMV30% limit b.$10,000 basis50% limit c.$100,000 FMV30% limit d.$50,000 basis50% limit e.$500 basis50% limit

18 18 Contributions Problem 7 – 56 Problem 7 – 54 Problem 7 – 61

19 19 Problem 7 - 61 If sold then cash donated

20 20 Problem 7 - 61 If sold then cash donated

21 21 Problem 7 - 61 If sold then cash donated

22 22 Problem 7 - 61 If sold then cash donated

23 23 Problem 7 - 61 If sold then cash donated

24 24 Problem 7 - 61 If sold then cash donated

25 25 Problem 7 - 61 If sold then cash donated

26 26 Problem 7 - 61 If sold then cash donated

27 27 Problem 7 - 61 If stock donated

28 Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis?

29 29 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV $30,000 Problem 7 - 61 If stock donated

30 30 Problem 7 - 61 If stock donated

31 31 Problem 7 - 61 If stock donated

32 32 Problem 7 - 61 If stock donated

33 33 Problem 7 - 61 If sold then cash donated: If stock donated:

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40 40 Itemized Deductions Medical Taxes Interest Charitable Contributions Casualty Losses Other

41 41


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