Mario has an AGI of $240,000 and decides to donate to charity. In 2023, he donates cash of $43,000 and stock currently worth $78,000 (tax basis $57,000). Assume he has held the stock for 3 years. He also donates clothing and other household items he no longer uses. These items were originally purchased many years ago for $6,200 but, based on thrift store value, are currently worth only $800. What can he deduct for each item in 2023?

Answer rating: 100% (QA)

Mario can deduct charitable contributions on his taxes but the deduction amount depends on var... View the full answer