If you itemize deductions on Schedule A of your federal tax return, you can deduct charitable donations. There are some restrictions, though.
Gifts that you make to public charities (not to private foundations) cannot exceed 50 percent of your adjusted gross income (AGI).
Donations of appreciated property can’t exceed 30 percent of your AGI, for gifts to public charities.
Suppose, for example, you expect your AGI this year to be $60,000. You can deduct charitable donations of up to $18,000 (30 percent of $60,000) worth of appreciated property. If you donate the maximum $18,000 worth of appreciated property to charity, you also can donate up to $12,000 in cash and get a full first-year writeoff. That would put you at $30,000 worth of charitable contributions, or 50 percent of your AGI.
Any charitable donations you can’t deduct this year can be carried forward for up to five years. Each year, the same percentage-of-AGI limits apply.