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Do I get it right that in the US charity donations are a tax credit, with no limits? Where I'm currently resident we simply get to deduct it from income, iirc
by tonfa 8y ago
Do I get it right that in the US charity donations are a tax credit, with no limits?
Where I'm currently resident we simply get to deduct it from income, iirc you can deduct up to 20% of your yearly income. That might avoid the ethical concern about not paying tax.
- perl4ever 8y agoIn my experience (as a US taxpayer not a tax advisor) charitable donations in the US are a deduction from income, not a credit, up to a limit of 50% of your income, or less. However, if you donate more than 50% of your income you can carry it over for a limited number of years. It eventually vanishes, though, unlike capital gains losses.
- habosa 8y agoIt's a deduction not a credit. Up to 50% of your adjusted gross income.