So I was at the thrift/salvation army store yesterday looking for cheap stuff for a theme party I was going to and I saw these Ralph Lauren dress shirts that retail for like $80 being sold for $4. Granted they are used so they aren't worth $80 anymore but could I buy them for $4 and then donate them and write them off as like a $60 charitable deductible?
Would this work? (Tax deductible idea)
- Thread starter CLKeenan
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I may not be correct on this, but I think there are set limits for how much things like that can be worth as far as deductions go. If you were giving away money, then of course you write off that amount, but for these shirts I bet the IRS has a maximum amount that they can be worth, and it surely wouldn't be $60
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