Some Haiti Donors Should Wait Until Next Year to Take Their Deductions
January 20, 2010
Mark blogged earlier on the bipartisan proposal to accelerate the deduction of charitable gifts to Haiti relief. Mark quoted TaxVox’s Howard Gleckman in opposition, and Joe Kristan at Roth CPA endoresed Gleckman’s warning that we’d be smarter to just let the deductions be taken in due course on the 2010 returns.
Despite the congressional unanimity, a nice bit of teamwork by Camp and Rangel at this tense time, the temptation to take the deduction on the 2009 return won’t fool high-dollar donors. That’s because they are likely to get a bigger charitable deduction on their 2010 returns, thanks to the one-year repeal of the so-called Pease provision that takes away a portion of deductions from filers with high AGIs.