Is There a Limit to Charitable Giving for Taxes?
Charitable giving is a hallmark of the American spirit. Every year, people give billions of dollars to charitable organizations that then put that money to work helping those in need. Whether you give cash, investment securities, or household items, charities use those resources to reach their goals.
The federal government encourages charitable giving by providing tax breaks for donations to qualified charities. However, there are generally limits on the amount you can deduct against your income on your tax return. Here's how much the IRS will share in your charitable giving.
You can generally only take tax deductions for charitable giving if you itemize your deductions. If the total of your charitable gifts and your other itemized deductions is less than the standard deduction, then you essentially don't really get any extra tax break for your giving.
Source Fool.com
