You can only deduct the amount of a contribution given voluntarily, with no expectation of a commensurate return. Generally speaking, you may deduct up to 50% of your aggregate gross income — half of your total income, subject to income phase-outs. There are some specific types of donations (such as gifts of stock, or donations to certain types of organizations) that have lower percentage ceilings.
How much can I legally deduct on my taxes for charitable contributions?
Posted by IMSweb on December 29th, 2009