I want to donate my old clothes, but if I can get a tax break, it would greatly help me out as well. Should I donate them directly or have a yard sale and donate the proceeds. I have a bunch of old express, free promotion t-shirts from the past, gap, and hollister.
2006-09-24 07:48:31 · 3 answers · asked by alpha10unc 1 in Business & Finance ➔ Taxes ➔ United States
Can the same be applied to furniture and other belongings?
2006-09-24 07:55:26 · update #1
As long as you can itemize deductions, either way can work.
If you donate the goods, you have to value them at their current fair market value for the deduction. However, once you sell the goods and donate that money, you can write off the actual donation.
In my opinion, I would save the hassle of having a yard sale and just donate the goods because you will may still have unsold items that you will probably donate anyway.
2006-09-24 13:07:47 · answer #1 · answered by Steve 6 · 0⤊ 0⤋
the new rules for tax year 2006 when you donate clothes you HAVE to have a receipt from place you donated to. The fair market value no longer applies. It sucks I know because the last 2 years I have used that. Their is only 1 place in our town that you can donate to. They are only open 2 hrs a day. So I would drop my stuff off on their doorstep like everyone here does.
2006-09-24 13:53:56 · answer #2 · answered by linluv2001 2 · 0⤊ 0⤋
ok
2006-09-24 07:52:50 · answer #3 · answered by jeffery m 1 · 0⤊ 0⤋