Ayesha’s adjusted gross income is $60,000 in 2019. She donated a piece of artwork with a...
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a piece of artwork with a basis of $20,000 and a fair market value (FMV) of $25,000. She has owned the artwork for 10 years. The charity that Ayesha donated the artwork to is a public charity and will display the art work in its art center. What is the maximum charitable deduction in 2019 that Ayesha can take?
Homework Answers
Ans: As per IRS , whosoever person contributed in a public charity may be eligible to get 50% limit of deduction calculated on the adjusted gross income
Here in the given case Ayesha's gave a art work on the basis of $ 20,000 but it's market value is $25,000
Total adjusted gross income = $60000
Maximum charitable deduction that Ayesha's can take in 2019 will be 50% of $60,000 (AGI)i.e. $30,000
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