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Submitted By: someone
Answered: August 19, 2019 11:58 pm
Answered: August 19, 2019 11:58 pm
I have a carryforward of unused charitable contributions from before 2018. How do I handle the carryforward now in light of the 60% limit?
Cash contributions made to charity in 2018 and beyond are deductible up to 60% of adjusted gross income. If you have a carryover of a cash contribution because of the application of the 50% limit that applied prior to 2018, you can use the carryover in 2018 through 2025 up to the 60% limit.
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Tax Glossary
Private letter ruling
A written determination issued to a taxpayer by the IRS that interprets and applies the tax laws to the taxpayer’s specific set of facts. A letter ruling advises the taxpayer regarding the tax treatment that can be expected from the IRS in the circumstances specified by the ruling. It may not be used or cited as precedent by another taxpayer.
