I have a new holiday rule: Old and discarded toys and clothing need to get donated to charity before new replacements can enter my home. My plan has two benefits. First, I'll get rid of clutter while helping others. Second - and not to be forgotten - I'll get to lock in some tax deductions for 2010.
Do you also have old toys, clothing and other items you'd like to donate before the end of the year? Here are some rules to keep in mind so Uncle Sam doesn't doubt your generosity and question your deductions:
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- First, the IRS will only accept donations for clothing and household goods that are in "good used condition". That means you can't