Donations Equal Deductions

When you donate used clothing and household items to ClothingDonations.org, the Internal Revenue Service allows you to deduct the fair market value (FMV) of the items on your income tax return. FMV is the amount you can reasonably expect people to pay for used clothes and other items in secondhand stores; tax preparation software programs such as TurboTax can help ascribe a value to many common items.