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What are your old clothes worth?

Internal Revenue Service Sign

When you give four bags of old clothes to a charity, you may receive a receipt. But the value of those old clothes as a charitable tax deduction is left up to you to determine. How much is too much?

The Internal Revenue Service has tried to eliminate most of the guesswork by stating that you may deduct the current fair market value, or whatever the clothes would fetch at a used clothing outlet.

Clothing generally must be considered to be in good condition or better in order to take a deduction.

Goodwill and The Salvation Army both have convenient online lists that can help you determine the value of common items of clothing.

Be sure to keep detailed records of your contributions. If you claim a deduction exceeding $500 but less than $5,000, you’re required to file Form 8283, Noncash Charitable Contributions.

In addition, if you donate items worth more than $5,000, you’re generally required to have a qualified appraiser verify the value using Section B of Form 8283.

Important Disclosure(s)
*Past performance is not an indicator of future results. This material is not financial advice or an offer to sell any product. The statements contained herein are solely based upon the opinions of Elevage Partners, LLC (“Elevage”). Elevage is a registered investment adviser. More information about the firm can be found in its Form ADV Part 2, which may be requested by calling (877) 922-8243 or visiting http://www.adviserinfo.sec.gov. The information contained herein is derived from sources we believe to be reliable, but which we have not independently verified. Elevage assumes no responsibility for errors, inaccuracies or omissions in this information. Elevage reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive. It should not be assumed that any of the securities transactions, holdings or sectors discussed were, or will prove to be profitable, or that the investment recommendations or decisions Elevage makes in the future will be profitable or will equal the investment performance of the securities discussed herein. ELV-17-02