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Question on donation of bags of clothes

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  • #16
    Speaking of audits, if you can show you made an attempt to keep track of your donations and assigned a reasonable value on a consistent and contemporaneous basis, the IRS is highly unlikely to quibble over the values assigned unless it appears you are trying to cheat. Audits are not all black and white.

    Again, when you are moving, those goods donated can add up to a significant amount, possibly even surpassing your Turo income.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #17
      Originally posted by jfoxcpacfp View Post
      Speaking of audits, if you can show you made an attempt to keep track of your donations and assigned a reasonable value on a consistent and contemporaneous basis, the IRS is highly unlikely to quibble over the values assigned unless it appears you are trying to cheat. Audits are not all black and white.

      Again, when you are moving, those goods donated can add up to a significant amount, possibly even surpassing your Turo income.
      In any given year we have $500 or so in noncash donations. Not going to make any real difference but hey $200 or so for just noting what is put in the bag seems a reasonable return on effort. And agreed, after major clean outs it can be quite a bit more.

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