What are your old clothes worth?

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.

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