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Submitted By: someone
Answered: March 17, 2023 2:47 am
Answered: March 17, 2023 2:47 am
Has Congress extended for 2022 the charitable contribution deduction for non-itemizers?
No. To date, Congress has not extended this tax break. However, there is considerable sentiment in Washington to do so. If there is an extension, it’s likely not to apply for 2022 returns, but monitor developments at jklasser.com.
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Tax Glossary
Capital gain or loss
The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.
