Donations of certain household items and clothing are often tax deductible when you file your income tax return. Find out how taxpayers can claim deductions for clothing and property donations, and other noncash items.As mentioned above, to claim a charitable donation, you need to itemize your deductions using Form 1040, Schedule A as part of your tax preparation. Regardless of the nature of the asset gifted, a donor must take a deduction for a gift of real property in the year the gift was made. To receive a property tax exemption, the property's title must be in the name of a nonprofit organization. When donating property, in general, you will only deduct the fair market value of your charitable contribution. A donor gets the benefit of both a deduction and credit on their NYS personal income tax return. If you itemize your deductions, you may be able to deduct charitable contributions of money or property made to qualified organizations.
