DISCLAIMER: I am a CPA, but I am not your CPA. This article is for informational purposes only and is not tax or legal advice, nor can be relied upon as such. The author is not liable for any losses related to actions or failure to act related to the content of this article. If you need specific tax advice consult with a CPA who specializes in your subject matter and taxing jurisdiction.
We all at one time or another have donated clothing to a local organization or thrift store. Maybe it was the leftovers from your most recent rummage sale or just bags of clothes pulled together during your annual spring cleaning adventures. Whatever the reason, most of the time us Mamas are just happy to get the clutter out of our home. You would be surprised to know all that decluttering can actually lead to a deduction on your tax return.
This time when you drop off your clothing donations you will not decline the donation receipt, because in today’s episode you are going to learn what is required in order to take an itemized deduction for donated clothing on your tax return.
Listen to the Podcast
Links & Resources
o Itemized Deduction Mini-Series: Episode 16 – Real Estate Taxes
o Publication 1771: Charitable Contributions; Substantiation and Disclosure Requirements.