Research report Composition of Tax-Deductible Charitable Contributions
Joseph Rosenberg
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Taxpayers who elect to itemize can claim a deduction against federal income tax liability for contributions made to registered charitable organizations. While cash gifts still account for the vast majority of charitable donations reported on tax returns, gifts of noncash property have grown as a share of total contributions. Gifts of corporate stock, mutual funds, and other investments account for the largest share of noncash donations and are almost exclusively reported by high-income taxpayers.
Primary topic Federal Budget and Economy
States AL
Research Area Federal Budget and Economy