Charitable Contribution
About Charitable Contribution:
A gift of cash or property to a qualified charity for which a tax deduction is allowed. For cash donations you need either a receipt or a canceled check. Donations of $250 or more must have a receipt from the charity.
Charitable Contribution Deduction
A Charitable Contribution Deduction is the itemized deduction allowed for donations to qualifying charities. A number of limitations apply to this deduction, especially for property donations. An individual's deduction for cash contributions is limited to 50% of Adjusted Gross Income. A corporation's charitable deduction is limited to 10% of taxable income for any 1 year. A 5-year carryforward of unused charitable contribution deductions is allowed for both individuals and corporations. Former IRC (check if this IRC provision is current here) § 170.
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