On NPR this morning, I heard that Chris Long, a defensive end for the Philadelphia Eagles, is donating his entire year’s salary to various charitable organizations that provide scholarships and support to underserved youth. (He already donated his salary from the first six games of the season to fund two seven-year scholarships at his alma mater in Charlottesville.)
That is unequivocally a good thing, and a generous thing. But it’s not without tax consequences.
When I think about charitable gifts, the first thing that comes to mind is their deductibility. But it turns out that the deduction for charitable contributions comes with a couple limitations. First, of course, is that only taxpayers who itemize get to deduct charitable contributions. Of course, given that this is a $1 million plus (more on that in a minute) donation, Long will definitely itemize. Continue reading “Chris Long, Philanthropist”