Is there a limit to how much charity can be deducted on my tax return?
Generally, contributions to public charities cannot exceed 50% of a taxpayer's income.
Example: A taxpayer made $50,000 in a year and contributed $500 to a hospital. The entire amount is deductible because the $500 is well below the 50% of the taxpayer's income.
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Is there a limit to how much charity can be deducted on my tax return?
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Posted On : 26th Nov 2010
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