Publication

Article

Physician's Money Digest

October15 2004
Volume11
Issue 19

Clothes Call on Taxes

Author(s):

When you clean out your closet anddonate to charity the clothing you nolonger use, you can deduct the value fromyour income taxes. But what's the valueof a dress shirt or a blouse? For expertvaluations on more than 3000 consumeritems, including books, clothing, andsporting goods, you can downloadItsDeductible software from Intuit (www.shop.intuit.com). The software runs $20for the basic version; $10 more gets youan upgrade that also puts values on usedvehicles based on Kelley Blue Bookprices, as well as on electronics like computersand digital cameras. The softwarecomes with a money-back guarantee ifyou don't shave at least $300 off yourtax bill. Intuit will also reimburse youfor any penalties and interest you mayhave to pay if the IRS successfully disputesthe value of your deductions.

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