What value can I use on sale clothes?

sinkjk1 · ‎January 31, 2023

Bought some new clothes that were originally 19.99 but were being closed out at 0.99. What value can I use for my tax deduction?

xmasbaby0 · ‎January 31, 2023

The amount you paid.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

HelenC12 · ‎January 31, 2023

The value you can use is what you paid for the clothes. That is your basis.

Your basis is essentially your investment in an asset—the amount you will use to determine your profit or loss when you sell it.

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What value can I use on sale clothes?