Question

Larry recorded the following donations this year: $500 cash to a family in need $2,400 to a church $500 cash to a political campaign To the Salvation Army household items that originally cost $1,200 but are worth $300. What is Larry's maximum allowable charitable contribution if his AGI is $60,000? Multiple Choice $2,900 $1,000 $2,700 $4,600 None of the choices are correct.

Answer 1

Larry's maximum allowable charitable contribution if his AGI is $60,000 is: $2,700.

Maximum allowable charitable contribution

A charitable contribution can be defined as the way in which a person donate his or her own money , goods or services to an organization thereby deducting the market value of this contribution from the person income tax return.

Maximum allowable charitable contribution=$2,400 to a church+ Household items worth of $300

Maximum allowable charitable contribution= $2,700

Therefore Larry maximum allowable charitable contribution if his AGI is $60,100 is $2,700.

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