You may remember Duncan Bass from last month’s article: Court Denies Clothing Donations to Goodwill and the Salvation Army.
You also may remember that Mr. Bass made the 172 trips to Goodwill and the Salvation Army to keep each receipt below $250. That was smart thinking on his part.
But Mr. Bass lost his deductions because he ran afoul of the appraisal rule that applied to his aggregate clothing donations.
In this article, we help you donate clothing and household goods the right way so that you can qualify for and keep your tax deductions.
When you donate clothing and household items, you need to know these things:
·
Charities that qualify to receive clothing and household items
·
Types of clothing and household items you can give to a charity
·
How to value the deductions for clothing and household items
·
Records you need
·
What happens on your tax return
·
How to escape accuracy-related penalties ... Log in to view full article.