What is fair market value of clothing?
David Craig 
According to the Internal Revenue Service (IRS), a taxpayer can deduct the fair market value of clothing, household goods, used furniture, shoes, books and so forth. Fair market value is the price a willing buyer would pay for them. Value usually depends on the condition of the item.
How do I find the value of my clothing?
Determine the fair market value of the clothes by using your original receipts for the clothes and taking 25% of the value. For example, if you donate clothing that you paid $100 for, you can deduct $25 as the fair market value.
How do you determine fair market value of donated items?
Fair Market Value Calculator To determine the fair market value of an item not on this list, use 30% of the item’s original price.
How to determine the fair market value of an item?
Use the slider to estimate the fair market value of an item. Below is a donation value guide of what items generally sell for at Goodwill locations. To determine the fair market value of an item not on this list, use 30% of the item’s original price.
Can you take fair market value of clothes?
Make someone else happy with your clothes, create more space in your closet, and chip away at the amount you owe Uncle Sam. The big question is always placing a value on your discarded duds. The IRS says you can take the “fair market value” of your donations, but determining that will require a little detective work on your part.
How to determine the fair market value of an item at Goodwill?
Use the slider to estimate the fair market value of an item. Below is a donation value guide of what items generally sell for at Goodwill locations. To determine the fair market value of an item not on this list, use 30% of the item’s original price. Clothing should be gently-used and free of stains and holes.
Can you deduct fair market value on gently used items?
The IRS allows you to deduct fair market value for gently-used items. The quality of the item when new and its age must be considered The IRS requires an item to be in good condition or better to take a deduction.
