Tax deductions claimed by Americans for charitable contributions declined by 7.2 percent from 2007 to 2008, according to preliminary data from the Internal Revenue Service. The tax agency will issue its final tally of deductions months from now, but the drop shows how sharply the recession appears to have cut into contributions.
The interim figures show a decline in deductions from $174.5-billion in 2007 to $161.9-billion in 2008.
The report is available from the IRS at http://www.irs.gov/pub/irs-soi/10winbulindincretpre.pdf.
March 7, 2010
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