Property Donations Increased

The IRS reported in its latest Statistics of Income Bulletin that the number of taxpayers making noncash charitable contributions increased between 2006 and 2007. More specifically, for 2007, 23.8 million itemizers reported $58.7 billion in deductions for property donations.

The largest percentage of noncash donations was comprised of corporate stock (44.9%), followed by clothing donations (14.4%) and land (7.7%). Land donations, which includes conservation easements, increased, while clothing donations decreased.

Taxpayers with adjusted gross income (AGI) of $10 million or more gave $17.6 billion, with the average donation of $2.4 million; donations by this income group accounted for one third of all donations. In contrast, taxpayers with AGI between $5,000 and $20,000 gave on average $2,040 per return. The average donation for taxpayers of all income groups was a little more than $7,600, or 3.9% of AGI.

Source: Spring SOI Bulletin