Tax Deductions - How Much are those Clothes Donations Worth?

how much are tax deductions

Silvia Dukes PA, REALTOR, CRS, CIPS, SRES Real Estate Agent Spring Hill, FL (352) 584-7441 Contact Profile

Tax Deductions - How Much are those Clothes Donations Worth?

When it comes to taxes, everyone likes to get a break and every little bit will help. Did you make any charitable donations last year that were non-monetary? If you moved during the last year, you might have donated household items and even furnishings. Clothes donations to charitable organizations are also usually tax deductible when you itemize your deductions.

But what value should you place on those gently

worn shirts, suits, and dresses? Here is a resource that might help:

The Salvation Army makes available a donation value guide on their website to help calculate the value of donated items including clothing, furniture, and household goods.

Don't be tempted to try to write off more than an item might be worth. The IRS does have rules for in kind donations and excessive amounts would certainly raise a red flag.

By Silvia Dukes PA, REALTOR, CRS, CIPS, SRES Real Estate Agent with Tropic Shores Realty - Ich spreche Deutsch!

Posted on February 18, 2013 03:12 PM

Source: activerain.trulia.com

Category: Taxes

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