Those old clothes you don’t wear could be worth a LOT of money – if you donate them...
If you’re considering a garage sale to get rid of some old clothes – you might make a lot more money by donating them. The IRS lets you deduct fair market value for clothing you donate to a charity like the Salvation Army or Goodwill. According to William R. Lewis, author of “Money for Your Used Clothing,” some of those clothes are worth more than you might think.
A silk tie in good condition is worth $8 to $10, a woman’s suit - $40! Most children’s clothes fall into the $5 to $10 range – girl’s items are worth about $2 more than boys.
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