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.
Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases. The first 50% charitable contribution limitation provides that all deductible contributions cannot exceed 50% of AGI. Excess contributions are carried over to the next five tax years.
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.