This illustration shows ablation catheters being applied near the pulmonary veins in a type of cardiac ablation called pulmonary vein isolation. Cardiac ablation is a procedure that can correct heart rhythm problems (arrhythmias). Cardiac ablation works by scarring or destroying tissue in your heart that triggers or sustains an abnormal heart rhythm. In some cases, cardiac ablation prevents abnormal electrical signals from entering your heart and, thus, stops the arrhythmia.
The IRS has a limit on giving, but even if your heart exceeds the IRS maximum, you may still be able to benefit from your generous spirit. You may deduct a maximum of up to 50% of your adjusted gross income (AGI) (Line 36 on IRS Form 1040) for the tax year the donation was given.
For an update, see my Oct. 30, 2014 post, âIRS Raises Limit On Tax-Free Lifetime Gifts For 2015.â. The yearly limit on how much we can each give another person without having to worry about gift tax in 2013 is $14,000. This limit, known as the annual exclusion, will not be increased for inflation in 2014. Spouses can combine their annual exclusions to double the size of the gift.