There are several ways to value used goods given to charity.
Q. My husband died and I plan to donate pretty much all of his clothes. How do I put a fair number to them so I can deduct it on my tax return?can help a charity while helping you reduce your tax burden, assuming you itemize your deductions.
For the 2022 tax year, the standard deduction is $12,950 for single filers and married filing separately, $25,900 for joint filers and $19,400 for heads of household, said Joseph Sarnecki, a certified financial planner with U.S. Financial Services in Fairfield.fair market value of clothing,“Unfortunately, there is no direct formula as fair market value is considered the price a willing buyer would pay for them,” Sarnecki said.
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