The charitable contribution deduction for contributions of property is normally the lesser of the property's basis or the fair market value of the property, on the date of the donation, or the lesser of $14,000 or $25,000 in this question. However, contributions of appreciated property, as in this question, are deducted at fair market value. That deduction might be limited to 50% of AGI ($45 ,000) or 30% of AGI for long-term appreciate property ($27,000), but the $25,000 is the maximum deduction in this case. The "lesser or' rule really applies to depreciated property and keeps a taxpayer from taking a fair market value deduction
for such property.Family has two kids, spend 4k on each kid for child care.
Dads wages are 60k
Mary wages are 2,500
What amount of child and dependent care credit may the woods claim on their joint tax return?
The max eligible for 1 dependent is 3000. The it is further limited b/c it is limited to the lowest earned income of either spouse. That would be mary's 2,500. Due to their combined income level they are in 20% credit range, the credit is 20% of 2,500 or 500