Accountant-Man
Level 13
09-26-2024
08:55 AM
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Can trusts deduct charitable contributions?
For both trusts and estates, the charitable contribution is deductible only to the extent that the amount donated was paid or set aside from income. Charitable gifts of principal are not deductible. Dec 1, 2019
Trusts and estates cannot claim an income tax deduction under IRC §170 like individuals can. Instead, amounts paid, permanently set aside, or to be used for charitable purposes are deductible by estates or trusts only as provided in IRC §642(c).
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