Donate Clothing, Get a Tax Deduction

Did you know that when you #donate good-quality used #clothing and household items to ClothingDonations.org, you are likely eligible for a #tax #deduction? You must determine the fair market value (FMV) of the items you donate, “based on desirability, use, condition, scarcity and market demand for that property,” says IRS Publication 561. In the case of clothing #donations, for example, FMV is based on the item’s condition and what a typical buyer would actually pay for clothing of that “age, condition, style and use.” Fortunately, many tax-preparation software applications include a #donation calculator. #LastMinuteTaxDeduction