Baitulmaal is your place for Islamic giving
- The nisab is $5,200 based on gold prices on March 3, 2023
- Donations to Baitulmaal are zakat-eligible and tax-deductible
- For real estate bought as rental property, 5% of the rent is owed as part of your zakat-ul-maal if the rent amount is a significant portion of your income.
- For retirement plans, such as 401Ks and Roth IRAs, pay zakat-ul-maal once when you receive it and add 10% of net profit.
- This zakat calculator should be considered an aid and the resulting calculations might be approximate. If you have specific questions about your zakat calculation, please consult an Islamic scholar or your local imam.
- More information on zakat here (external link opens in new window)