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Pamela donates $30,000 cash to a PRIVATE charity. Her AGI for the year is $80,000. What...

Pamela donates $30,000 cash to a PRIVATE charity. Her AGI for the year is $80,000. What is her charitable deduction?


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Answer #1

AS PAMELA DONATES $30000 CASH TO A PRIVATE CHARITY,
she is eligible for charitable deduction upto the 30% of ADJUSTED GROSS INCOME(AGI)

AS PER THE RULES OF CARES ACT ,PERSON MAKING CASH OR SHORT TERN CAPITAL GAIN PROPERTY TO A PRIVATE FOUNDATION CAN HAVE MAXIMUM DEDUCTION UPTO 30% OF AGI

DONATION AMOUNT =$30000

AGI =$80000

30% OF AGI    = 30/100 * 80000

=   $24000

SO HER CHAIRITABLE DECUTION WOULD BE $24000.

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