No postponement of charitable deductions - Business Management ...

Q. I carried over a charitable deduction from 2011. Do I have to use it on my 2012 return? N.W., Syracuse, N.Y. ?

A. Yes. The tax law imposes several limits on deductions for charitable donations. For instance, deductions for gifts of property are generally limited to 30% of your adjusted gross income (AGI). If such a limit applies, you can carry over the excess for up to five years, but you must use the carryover amount in each succeeding year. In other words, you can?t postpone the tax benefit, even if it will do you more good in a later tax year.

Tip: You must use the same percentage limits for the carryover originally used (e.g., donations subject to the 30% limit are still 30% contributions).

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/34674/no-postponement-of-charitable-deductions "

Source: http://www.businessmanagementdaily.com/34674/no-postponement-of-charitable-deductions

Alex Karras BCS Rankings 2012 vampire diaries derek jeter Red Bull Stratos Redbull Stratos steve mcnair