Clothes Call on Taxes

Physician's Money Digest, October15 2004, Volume 11, Issue 19

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.