Practice Quiz

Financial Planner

Category - Tax Planning

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Rachel learned that her grandmother died and left her an inheritance in 2013. At that time, she decided that she would contribute at least a portion of that inheritance to charity. In 2014, she received the full amount of the inheritance. On December 15, 2015, she made a pledge and wrote a check to the charity. She mailed the check on January 2, 2016, and the charity received the check within a few days. In which year can Rachel deduct the contribution?
  1. 2013
  2. 2014
  3. 2015
  4. 2016
Explanation
Answer: D - Even though Rachel received the inheritance and wrote the check before 2016, she did not deliver the funds until 2016. She can only deduct the charitable contribution in 2016.
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