How Do You Value Donated Clothes For A Tax Deduction?
If you have clothes you are no longer using you can donate them to charity and get a tax deduction. Here are step by step directions on how to value donated clothes for a tax deduction. Gather all the clothes you have that you no longer want or need. The IRS will only allow you to take a deduction for clothes that are in good or better condition, so discard any that are not. Make a list of the clothing items you have. To value donated clothes for a tax deduction you will need to know the “fair market value” for these items. Wikipedia defines fair market value as “an estimate of what a willing buyer would pay to a willing seller, both in a free market, for an asset or any piece of property”. Look at items that are comparable to yours to value donated clothes for a tax deduction. Look on ebay or visit thrift stores to find out what they are selling for. Use valuation lists to value donated clothes for a tax deduction. These are provided by certain charities. Go to the Goodwill and The Sa
