Clothing contributions - How to calculate
Usually you can use the average (poor, average, perfect condition)fair market value method. Speak to your local CPA. He/She usually has checklist from a recognized IRS charity such as the Salvation Army with recommended non-cash (clothing) contribution deduction amounts. When the value of this donation is more than $500, IRS Form 8283 is required to be filled out.
Need Professional Help?
If you need help with "Charitable Deductions" or have other tax questions, we can help you find a local licensed tax preparer for a free, no-obligation consultation.