Learn how to estimate the value of clothing for IRS tax deductions as charitable donations. The value of clothing donations to charity are based on published lists of retail values or current thrift store prices. List your donation values on the Form 828
In donating clothing and other goods to a charitable organization, the donor needs to receive an itemized slip from the organization listing what has been donatedandthe condition of the items. If you are selected for an audit, the deduction may be denied because there’s nothing specific listed...
The basic idea is this: any increase in wealth for a taxpayer (individual or business) is taxable unless the IRS provides a specific exclusion or deduction. Note: income can be cash or non-cash (such as fringe benefits). The IRS doesn’t have to prove that a particular kind of income ...
Of course, there are thousands of efforts in the world aimed at eradicating poverty or feeding and clothing the poor. From churches to charitable organizations to local, state, federal and international government programs, billions of dollars are collected and presumably distributed to the poor. ...
You can also donate clothing and household items that are in good condition. In past years, a private log of cash donations under $250 was acceptable documentation. But now for donations of any amount, you must have a canceled check, a bank record, or a receipt from the charity...
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