CHARITABLE CONTRIBUTIONS: John and Mary have adjusted gross income of $ 100,000. During 2021, they did...

 

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CHARITABLE CONTRIBUTIONS: John and Mary have adjusted gross income of $ 100,000. During 2021, they did the following: $ 300 (a) Cash contribution to American Red Cross (b) Cash contribution to " for President" Campaign 100 (c) Clothing and household goods to Goodwill good condition original cost approximately $1,000; estimated value $ 300 (d) Clothing to Salvation Army - fair condition - original cost approximately $ 3,000; estimated value $ 600 (e) Historical books acquired years ago donated to Heinz Museum - original cost $3,000, estimated value $ 6,000 (f) Art originally purchased in 2004 donated to WQED auction - original cost, $3,000 estimated value $ 6,000 (g) Shares of IBM stock originally purchased in 2004 - original cost $3,000, fair market value $ 6,000 (h) Shares of IBM stock originally purchased 1/15/2021- original cost $3,000, fair market value $ 4,000 (i) Shares of US Steel Stock originally purchased in 2004 - original cost $3,000, fair market value $ 2,000 What deduction can they claim, if any, for each listed item? What limitations might apply to each contribution? What substantiation requirements must be met? CHARITABLE CONTRIBUTIONS: John and Mary have adjusted gross income of $ 100,000. During 2021, they did the following: $ 300 (a) Cash contribution to American Red Cross (b) Cash contribution to " for President" Campaign 100 (c) Clothing and household goods to Goodwill good condition original cost approximately $1,000; estimated value $ 300 (d) Clothing to Salvation Army - fair condition - original cost approximately $ 3,000; estimated value $ 600 (e) Historical books acquired years ago donated to Heinz Museum - original cost $3,000, estimated value $ 6,000 (f) Art originally purchased in 2004 donated to WQED auction - original cost, $3,000 estimated value $ 6,000 (g) Shares of IBM stock originally purchased in 2004 - original cost $3,000, fair market value $ 6,000 (h) Shares of IBM stock originally purchased 1/15/2021- original cost $3,000, fair market value $ 4,000 (i) Shares of US Steel Stock originally purchased in 2004 - original cost $3,000, fair market value $ 2,000 What deduction can they claim, if any, for each listed item? What limitations might apply to each contribution? What substantiation requirements must be met?

Answer rating: 100% (QA)

The deduction for each listed item is as follows Cash contribution to American Red Cross 300 Cash contribution to for President Campaign 100 Clothing ... View the full answer