The Good and Bad News on Charitable Deductions under the 2017 Act
The good news first:
a. The 50% of adjusted AGI limitation maximum deduction amounts in any one year is increased to 60% as to cash contributions.
b. The Section 68 3% “Pease limitation” phase-out of itemized deductions is out of the law (through 2015).
These changes can significantly increase available deductions, but mostly for higher income persons and/or persons making significant gifts. Thus, one has to wonder whether the loss of deductions under the “bad news” below for many taxpayers will be offset by these increases.
The bad news:
a. The standard deduction is significantly increased to $12,000 for single people and $24,000 for . . .