Donations must be made to qualified organizations, and to deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A. Get a
receipt for your donations as you can claim the
fair market value for clothing, shoes, books, household items and furniture, says Derek Lawson, a financial planner
at Priority Financial Partners and a financial planning Ph.D. student
at Kansas State University.
Way back in 2014, the IRS explained that virtual currency ought to be treated as property, and advised taxpayers that the
receipt of virtual currency in exchange for goods or services should be computed in gross income
at «
fair market value.»