Can you donate too much?

We have bought lots of new things this year,applilances,furniture,clothing.
We have basically done a cleap sweep on our home.I donated everything we no longer wanted.Is there a limit to what we can claim?

Thanks,Christina

The law allows you to deduct the fair market value of your gifts to qualified charities. As for a limit, the rules are complicated but basically your gifts to public charities, colleges and religious can't exceed 50% of your adjusted gross income.

If your deduction for donated property exceeds $500--in total, not per item--you need to file an extra form with your tax return: Form 8283, Noncash Charitable Contributions. Also, if your gift to any organization exceeds $250, you need a receipt from the organization.

--Kevin McCormally
Editorial Director
Kiplinger's Personal Finance magazine

We have bought lots of new things this year,applilances,furniture,clothing.
We have basically done a cleap sweep on our home.I donated everything we no longer wanted.Is there a limit to what we can claim?

Thanks,Christina

As mccormally stated, your deduction may not exceed 50% of you AGI.

However, there are 20% and 30% ceilings if you donate to private nonoperating charities.