[20220314]IF11022_个人慈善扣减.pdf

https:/crsreports.congress.gov Updated March 14, 2022The Charitable Deduction for IndividualsThe charitable deduction is a long-standing feature of the individual income tax. It is also one of the largest individual income tax provisions in terms of annual forgone revenue, an estimated $52.4 billion in FY2020. Before changes implemented by P.L. 115-97 (commonly referred to as the Tax Cuts and Jobs Act or TCJA), the tax expenditure for charitable contributions was larger, an estimated $57.0 billion for FY2017. This In Focus provides background information on the individual charitable deduction. The Deduction Under current law, taxpayers who itemize their deductions cansubject to certain limitationsdeduct charitable donations to qualifying organizations. Qualifying organizations are generally “public charities” or “private foundations” with tax-exempt status under Internal Revenue Code (IRC) Section 501(c)(3); federal, state, or local governments; and other less common types of qualifying organizations. Tax-deductible donations to qualifying organizations can be in the form of cash or property. Property held for more than one year is often referred to as long-term capital gain prope