
|
|
|
|||||||||
|
|
Where to Take Clothing
DONATIONS ARE TAX-DEDUCTIBLE Most people donate usable clothing and furniture to charitable organizations to help others. Few realize when it comes time to "render unto Caesar" at tax time, those donations may help reduce not only the waste stream, but also their own federal income taxes.If you itemize deductions on your tax return, there is a line on Schedule A (Itemized Deduction) that allows up to $500 in charitable contributions without filling in another special form. Donations of usable clothing and furniture may fall within that $500 limitation. Donations of over $500 must be documented with the special form. Although no special form may be required, you should ask for a receipt, and keep records of your donations including the name of the charitable organization, the date and location of your donation, a reasonably detailed list of the articles, and an estimated "fair market value" of the items donated. "Fair market value" means what you could actually sell it for in a secondhand store. IRS Publication 526 describes the process.
|