Question:

I want to donate cloths for a tax rebate , I make 40k yearly and have two kids?

by  |  earlier

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would it help as a tax write off, I usually donate a lot but never ask for a receipt.

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3 ANSWERS


  1. The IRS has tightened the regulations for donating used clothing, otherwise people could donate rags, and claim a deduction for a tuxedo. You should get a receipt from the organization for the value of the clothing. Also, you would have to itemize (Schedule A) to get any benefit for the deduction, and claim it under charitable donations, non-cash. And if the amount is over $500 there is another form that you have to fill out in addition to the Schedule A.


  2. If you are itemizing anyway, the deductions might be available - otherwise not unless the donations give you enough to itemize.

    If you itemize, then get itemized receipts for your donations.  You are probably in a 15% bracket.  Your deduction amount is the current used value when you donate the items, or what they'd sell for in a thrift shop.  Your tax savings is at most 15% of that amount.

  3. you'll get very little donation value for them - max 10% of original price and if you don;t itemize deductions, you would get no tax benefit at all

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