Definitions for "CHARITABLE DEDUCTION"
Related Terms:
Charitable contribution, Taxable estate, Unlimited marital deduction, Marital deduction, Gift tax, Exemption, Gift taxes, Tax-deductible, Federal gift tax, Personal allowance, Allowances, Personal exemption, Charitable gift, Exempt, Inheritance tax, Annual gift tax exclusion, Estate tax, Itemized deduction, Annual exclusion, Charitable bequest, Standard deduction, Exemptions, Federal estate tax, Tax deductions, Dependency exemption, Deductible gift recipient, Tax deductible, Adjusted gross estate, Taxpayer, Potentially exempt transfer, Estate taxes, Income splitting, Death tax, Self assessment, Itemized deductions, Tax shelter, Charitable remainder trust, Death taxes, Withholding tax, Unified credit, Qtip, Grantor trust, Income tax, Alternative minimum tax, Charitable trust, Gift tax annual exclusion, Retained life estate, Dependent, Unrelated business taxable income
a deduction available to taxpayers who make charitable contributions
a federal tax break given to those who make donations to charities
Refers to the income tax deduction a donor may receive by giving to charity. Deductions of large gifts may be spread over five years. Tax benefits may depend on the donor's entire tax situation, not just the gift.
A deduction allowed for a gift to a qualified charitable organization.
A limited income tax deduction allowed in computing an individual taxpayer's income tax liability for qualifying transfers of property to a qualified charity made during the donor's lifetime. An unlimited deduction is permitted in computing both federal-gift and estate tax.
The portion of a donor's gift to the GCRCF that may be deducted from income or estate taxes.
The deduction allowable for gifts made to qualified charitable institutions. If the gift consists of cash, the income-tax deduction is limited to 50% of the donor's contribution base. If the gift exceeds the limitation, the donor may deduct the excess in the following year or years (up to five years). There are no limitations on the charitable deductions allowable for gift- or estate-tax purposes.
An income, estate, or gift tax deduction allowed against certain transfers benefiting a qualified charitable organization.
n. the portion of a gift to a qualified charity that is deductible from a person's or corporation's federal income tax, a person's gift tax, or a person's estate tax.
A deduction allowed on the federal estate and gift tax return for property bequeathed or gifted to a qualified charity. Codicil A separate written document that amends a prior will. It is executed if the testator wishes to change or add to the will. Community Property Property which is acquired during marriage or (in a state where a non-marital ‘cohabitation' is legally recognized) during the period of time a couple are living together. Generally speaking, community property will be divided equally in the event of death or divorce. Assets belonging to partners who are legally recognized as a couple and who live in a ‘community property state' will be presumed to be community property unless it can be proved to be owned individually and outside of the partnership. Inherited property which is held in trust will not be regarded as community property. Back to List of Terms Corpus (See Principal)
The value of money or property transferred to a 501(c)(3) organization is deductible for income, gift and estate tax purposes. In most cases, the term "charitable deduction" refers to the portion of a gift that can be deducted from the donor's income subject to federal income tax. A donor's charitable deductions should not be confused or equated with the value of the gift. Gifts for the purposes of life income agreements are not federally deductible at their full value.
the portion of a gift to a qualified charity that is deductible from an individual's or corporation's federal income tax, individual's gift tax, or individual's estate tax.