Conrad Teitell Increased Charitable Deductions for 2021
In his Estate Planning and Philanthropy column, Conrad Teitell writes that the charitable deduction for cash gifts to public charities (except Donor Advised Funds and Supporting Organizations) of the 2020 law is available in 2021 with one improvement.
February 19, 2021 at 12:45 PM
4 minute read
Non-itemizer charitable deduction. The charitable deduction for cash gifts to public charities (except Donor Advised Funds and Supporting Organizations) of the 2020 law is available in 2021 with one improvement. In 2020, the $300 non-itemizer deduction was capped at $300 for both separate and joint returns. For 2021, the cap for a joint return is $600. Charities had asked that the amount be greatly increased and the deduction be made permanent. Charities will seek legislation this year to make the non-itemizer deduction permanent with a cap of $4,000 for separate returns and $8,000 for joint returns (a Universal Charitable Deduction).
Alert. The substantiation rules for cash gifts by itemizers also apply to nonitemizers:
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