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Switching Charitable Contribution Deduction Years

By Gerry W. Beyer

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Undera recent private letter ruling, 2013 TNT213-44 (Nov. 4, 2012), the IRS permits a Trustan extension to claim a charitable deduction in “Year 1” when the contributionswere made in “Year 2.” 

The Trust has 120 days to (a) file theelection under §642(c)(1) and (b) file amended tax returns for both years.

SeeRachelle Hellams, Esq., Trust GrantedExtension for Switching Charitable Contribution Deduction Years, WealthStrategies Journal, Nov. 5, 2013.

Special thanks toJim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringingthis article to my attention.

Posted in:
Income Tax