< Previous
To Top

Getting The Correct Tax Deduction On Donations

I am cleaning out my closet before the end of December and taking it to the local helping hands store. When you deduct charitable donations of clothing at tax time, do you just guess at what they are worth? William Lewis, author of Cash for Your Used Clothing, says most people underestimate the worth of such items.


Before you donate, price each item against similar ones sold at the store where you drop them off. If you're in a 28% tax bracket, a donation worth $400 will earn you a tax deduction of at least $112. I have done this for the past two years and have saved on our income tax with a computer program, "It's Deductible".

By Bobbie G from Rockwall, TX

Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!

Related Content
In This Guide
Woman with a box labeled Donation Clothes
Determining Fair Market Value of Donations
< Previous
Budget & Finance Tax TipsJanuary 3, 2007
Donating a Car to Charity
Donating a Car to Charity
Gifted Money
Paying Taxes on Gifted Money
Large Outdoor Blue Goodwill Sign
Organizing Goodwill Donations
Sending Donations to Troops
Sending Donations to Troops
Back to School Ideas!
Summer Ideas!
Ask a Question
Share a Post
Desktop Page | View Mobile

Disclaimer | Privacy Policy | Contact Us

© 1997-2017 by Cumuli, Inc. All Rights Reserved.

Published by .

Generated 2017/08/20 08:29:06 in 580 msecs. ⛅️️
Loading Something Awesome!