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This page contains a single entry by Associate Editor published on December 3, 2012 6:18 PM.

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Charities Seek to Prevent Limits on Deduction for Charitable Donations

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As Congress looks for last minute ways to address the looming fiscal cliff, charities are becoming increasingly concerned that tax deductions for charitable donations may take a hit.  The concern stems from the possibility that Congress will inadvertently limit charitable donations by placing a dollar limit on all itemized deductions, of which charitable donations are a part.  It is possible that such a limit would have the effect of disproportionately impacting charitable giving in particular, as taxpayers find their itemized deduction limit consumed by large non-discretionary items like mortgage interest, state and local taxes, and healthcare.

See Fred Stokeld, "Charities Fighting to Prevent Limits on Charitable Deduction," 2012 Tax Notes Today 229-6 (Nov. 27, 2012).

Posted by Conan Yuzna, Associate Editor, Wealth Strategies Journal

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