Tax Chats Tax Deductions for Charitable Giving: A Chat with Nic Duquette
Scott and Jeff chat with Nic Duquette, Professor of Public Policy at the University of Southern California. We discuss charitable giving, tax deductions related to charitable giving, tax exempt organizations, and the like.
Listener submitted correction: "there is no longer an above-the-line charitable deduction for cash contributions for tax years after 2021 (it was a temporary Covid-era provision as Scott had thought in asking the question). It was first enacted in the CARES Act for tax year 2020 only - prior law sec. 62(a)(22). It was then extended to tax year 2021, the final year it was in effect, through sec. 170(p). The provision initially read "In the case of taxable years beginning in 2020" - but the only tax year that begins in 2020 is the 2020 tax year. Under sec. 170(p), the provision reads "In the case of any taxable year beginning in 2021" (again, the only tax year that begins in 2021 is the 2021 tax year). The deduction was $300 in 2020 and increased to $600 in 2021 for joint returns."
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