About This Chapter
Charitable Contributions, Deductions & Taxes - Chapter Summary
Follow along with our expert instructors to review topics pertaining to charitable contributions, deductions and taxes. Through a series of short and informative lessons, you'll become familiar with charitable contribution carryover, contribution and deduction tax rules and more. The chapter includes short quizzes to help you reinforce your understanding of the material, and our instructors are available to answer any questions you may have. Studying these lessons can help you:
- Assess tax rules regarding contributions and deductions
- Evaluate charitable contributions of appreciated property
- Explain the concept of charitable contribution carryover
1. Tax Planning for Charitable Contributions & Deductions
Donations to charity can help reduce your tax bill, but getting the most of out of these deductions requires some planning. Let's review the basic rules regarding charitable contributions.
2. Charitable Contributions of Appreciated Property
In this lesson, we will look at the tax implications of donating property that has appreciated in value to charity, with a focus on avoiding capital gains tax and reducing taxable income.
3. Charitable Contribution Carryover: Definition & Example
The IRS limits the amount of charitable deductions that can be claimed in a given year, but sometimes you can carry over deductions. This lesson will define carryover and provide examples of when contributions can be deferred to the next year.
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