Monday, October 08, 2007 10:19 PM
Itemizing charitable deductions?
Chartable donations are not subject to the AGI (adjusted gross income) floor. Unlike medical expenses, which you can only deduct if those bills are more than a certain percentage of your gross income – you can deduct your philanthropic donations regardless of their total. And yes, you can and should deduct every single good deed whether it amounts to $5 or $5 million. But you absolutely must must must have the receipt. The IRS requires one.