Tuesday, October 4, 2022

IRS Reports on Individual Noncash Charitable Contributions for Tax Year 2019

Download (1)The IRS Statistics of Income division has issued a 26-page report on individual noncash contributions for tax year 2019. Here is the introduction:

For Tax Year 2019, individual taxpayers who itemized deductions reported a total of $74.8 billion in noncash charitable contributions on 8.8 million returns. About 45 percent (3.9 million) of these returns carried $72.8 billion in charitable contributions to Schedule A, Itemized Deductions, using Form 8283, Noncash Charitable Contributions. Form 8283 is used by individual taxpayers when the deduction amount claimed for all noncash donations reported on Schedule A exceeds $500. The number of returns filed with Form 8283 declined from 2018 levels by 7.5 percent, and the amount claimed by these taxpayers increased 2.8 percent. The average amount per return increased 11.2 percent from approximately $16,760 to approximately $18,635.

Donations of corporate stock, mutual funds, and other investments accounted for 59.8 percent ($43.6 billion) of all donations. Of the $72.8 billion in total donations, foundations received the largest amount ($20.1 billion or 27.6 percent), followed by donor-advised funds ($14.3 billion or 19.6 percent). Individuals with an adjusted gross income (AGI) over $10,000,000 donated 42.7 percent ($31.1 billion) of all donations, a slight (1.7 percent) decrease from the previous year. Donors in the age 55- under-65 category had the largest increase in donations of all age groups, increasing the amounts they carried to Schedule A by 44.8 percent, from $15.4 billion in 2018 to $22.3 billion in 2019.

Lloyd Mayer

https://lawprofessors.typepad.com/nonprofit/2022/10/irs-reports-on-individual-noncash-charitable-contributions-for-tax-year-2019.html

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