I am confused, with the recent tax law changes.
I am well aware, that the so called SALT deductions will be limited. I will pay ~30k in property taxes (2 homes), thus not all will be a deduction.
My question: If I choose to donate to my church say $15k, will that payment still be an "allowed" IRS deduction?
Yes, it will. The tax law didn't put a new limit on charitable deductions. Source:
I assume that $15 K is less than 50% of your adjusted gross income, based on your saying that you'll pay $30 K in peoperty taxes. Limitations based on AGI are here:
In fact, the new tax law raised the limit on the total amount of charitable deductions you can claim each year. For
2018 through 2025, for contributions of money (not items), you can deduct contributions totaling up to 60% of your AGI. The IRS web page that Stan Brown referenced has not been updated to reflect the increase from 50% to 60%.Bob Sandler
On Sun, 9 Dec 2018 14:54:14 EST, Dave C wrote: Stan, Bob
Thank you, for your most informative answers. Most appreciated !!
-dave
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