CFP Board Candidate Open Forum

  • 1.  50% or 60% for Public Charitable Deduction?

    Posted 11-05-2018 17:38
    I have gotten conflicting answers on this question with the new tax laws and unsure where or not it would be a 50 or 60% tax deduction for Public and Private Operating Charities.  Can anyone clarify?    (ie for cash, income property, etc)

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    Amanda Lewis
    Portfolio Specialist
    Fidelity Investments

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  • 2.  RE: 50% or 60% for Public Charitable Deduction?

    Posted 11-06-2018 08:55
    ​Cash contribution limit to public charities is up from 50% to 60% for tax years beginning after 12/31/17.

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    Joseph Bullard
    CPA
    Duggan, Joiner & Company
    Ocala FL
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  • 3.  RE: 50% or 60% for Public Charitable Deduction?

    Posted 11-06-2018 16:47
    I believe it's 50% for public unless it's a cash only contribution then it's 60%. 30% for private

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    Alyssa Luttrell
    Client Services Associate
    Filament, LLC
    Seattle WA
    (360)318-4994
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  • 4.  RE: 50% or 60% for Public Charitable Deduction?

    Posted 11-13-2018 14:22
    Hi,

    I noticed this discrepancy between my Kaplan review course and my Dalton flashcards.  I reached out to my Kaplan instructors who clarified that the 60% ONLY applies to cash and 50% remains the limit for all other types of property.  The Dalton flashcards have an error in this regard.  Hope that helps.

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    Laura Genis
    Investment Manager
    Wells Fargo Bank, N.A.
    Davenport IA
    563.383.3221
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  • 5.  RE: 50% or 60% for Public Charitable Deduction?

    Posted 11-14-2018 10:24
    I had the Dalton review and I was under the assumption that it was 60% (Cash, Ordinary income property, short term gain, and all loss property) to public charities, as it is stated in the review book. I tried to find it on the IRS site and I can not find any clear cut answers. Hopefully the board will keep this in mind when they are reviewing our exams. I am nervous now!

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    Joseph Warder
    Student
    Winthrop University
    Lake Wylie SC
    (803)322-7638
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