limitations of deductions for contributions to a CLT

limitations of deductions for contributions to a CLT

Forum topic posted in Forum on 8 May 2012| comments
audience: | last updated: 8 May 2012
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Joined: 04/23/2008
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Hey y'all (i'm from Texas  -- the word is a part of who we are!)

I know there's income limitations on the percentage amount that can be deducted for contributions to a charitable lead trust, but are contributions to a CLT further reduced for high income taxpayers?

I have a client who will be receiving around 1.5 to 2MM in payments for the sale of his business in September.  We're looking for strategies to reduce some of the taxes owed on this amount, and gifts to a CLT might make sense.  Could his deductions to CLT be reduced because of this high income?

Please point me in the right direction if at all possible - thanks!


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