C (the period of time after which half of a given sample will have decayed) is about 5,730 years, the oldest dates that can be reliably measured by this process date to approximately 50,000 years ago, although special preparation methods occasionally make accurate analysis of older samples possible.

Why is carbon-14 dating not accurate for estimating the age of materials more than 50000 years old?

Its has a half-life of about 5,730 years. The short half-life of carbon-14 means its cannot be used to date extremely old fossils. Levels of carbon-14 become difficult to measure and compare after about 50,000 years (between 8 and 9 half lives; where 1% of the original carbon-14 remains undecayed).