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I would like to donate several items in my home including clothes, electronics, furniture, etc. How to I go about maximizing these deductions?

 
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I would like to donate several items in my home including clothes, electronics, furniture, etc. How to I go about maximizing these deductions?

Well, one way of "maximizing" the deductions would be to assign values well above their actual "fair market values."  But that's illegal.

When you donate "stuff" you are required to document the condition of what you're donating and then assign fair market values to the items.  Clearly if the items are in "excellent" condition you document that the best you can: photos of the item, notations that the items are working correctly, they free of stains, blemish, stains, tears, etc  And then you assign a "fair market value" that you feel you can sustain with the IRS, such as recent eBay sales of similar items, thrift store prices of similar items, etc.

Tom Young

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3 Replies

I would like to donate several items in my home including clothes, electronics, furniture, etc. How to I go about maximizing these deductions?

Well, one way of "maximizing" the deductions would be to assign values well above their actual "fair market values."  But that's illegal.

When you donate "stuff" you are required to document the condition of what you're donating and then assign fair market values to the items.  Clearly if the items are in "excellent" condition you document that the best you can: photos of the item, notations that the items are working correctly, they free of stains, blemish, stains, tears, etc  And then you assign a "fair market value" that you feel you can sustain with the IRS, such as recent eBay sales of similar items, thrift store prices of similar items, etc.

Tom Young

I would like to donate several items in my home including clothes, electronics, furniture, etc. How to I go about maximizing these deductions?

You could have a yard sale, and donate the proceeds.

I would like to donate several items in my home including clothes, electronics, furniture, etc. How to I go about maximizing these deductions?

Thank you for you recommondations

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