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Article Date:
September 2006


Word Count:
1385

 

 

New Law Attacks and Changes Many Charitable Deductions


Benjamin Franklin said, “In this world nothing can be said to be certain, except death and taxes.” We agree—with one modification: Death does not get worse when lawmakers get together.

 

The lawmakers did it again! They made taxes worse! With the new pension law (P.L. 109-280), claiming a charitable contribution just got more difficult and more demanding. This article gives you the details and explains what you need to do now regarding the

 

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new rules on receipts for charitable deductions;

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new, stiffer rules on charitable deductions for clothing and household item deductions;

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new, lower thresholds that increase the chances that you, your estate, and your appraiser could face penalties if appraised values are too high or too low;

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new disallowance of safari, travel, and other costs of hunting, killing, and stuffing animals to produce charitable deductions;

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new rules that change the requirements for donating ... Log in to view full article.

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