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Are There Any Overall Limits On Itemized Deductions For Gifts to Charity?

April 26, 2017charity deductions gifts itemized limits overall

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Are There Any Overall Limits On Itemized Deductions For Gifts to Charity?

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Yes. IRC 67(a) provides a 2% floor on miscellaneous itemized deductions. Under this rule, you can only deduct certain miscellaneous itemized deductions to the extent that the aggregate of such deductions exceeds 2% of adjusted gross income (AGI). Charitable contributions are itemized deductions, and as such, are subject to this limitation.