3. Charitable Contributions: Donating Goods is Just as Valuable as Cash
What You Need to Know:
You’re likely mindful that cash gifts to charitable organizations are deductible, but did you know that giving merchandise like clothing, furniture, or hardware qualifies? You can claim your charge derivation based on the reasonable advertised price of the things offered. IRS Charitable Contributions Tax Deductions
Example: If you donate a sofa worth $500 to Goodwill, you could claim that value as a tax deduction.
- National Philanthropic Trust – Charitable Giving Tax Deductions
Charitable Deductions Explained
Learn more about the rules for charitable giving and tax benefits associated with donations.
Tip: Get a written receipt from the charity for large donations, and consider photographing your donated items for future reference.
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