mikejuby369
Level 3
06-03-2020
10:35 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have an individual with contribution carryovers (30% capital gain prop), some of which is going to expire next year. PTO is using current year contributions (50% limitation) first
Solved! Go to Solution.
Labels
itonewbie
Level 15
06-03-2020
03:53 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
PTO is handling it correctly. Charitable contributions actually made during the year always take precedent over carryover. See §170 and §1.170A-10.
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar
Accountant-Man
Level 13
06-04-2020
01:42 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The only way to have used those expiring c/o's is to have avoided paying any new charity during 2019.
This is a failure of tax planning during 2019. The client should have been aware of the expirations and held off on making new donations until after 2019.
** I'm still a champion... of the world! Even without The Lounge.
