Jewish World Review Jan. 22, 2003 / 19 Shevat, 5763

David Grimes

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Consumer Reports


There may be cash in your old underwear


http://www.NewsAndOpinion.com | Have you ever stopped to figure the fair market value of your used underwear?

Well, neither have I, which is why we are lucky to have a company like ItsDeductible.com around to do this dirty work for us.

According to the company, Americans who make non-cash donations to charity cheat themselves out of an average of $1,600 in deductions a year. The reason for this is people drastically underestimate the value of their donated stuff when they do their taxes.


For example, your used boxer shorts or panties are worth $5 if they're in good condition. Of course, not many people would part with a perfectly good pair of underwear, but even worn-out undies are worth a dollar.

This is good news for me because I am sick and tired of people making fun of my clothes, many of which were quite stylish when they were originally purchased back in the early '80s. My wife will think twice about ordering me to throw out those soup-stained golf shirts and frayed shorts once she finds out that they're worth anywhere from $5 to $10 each.


The other good thing to come out of this is that I'll never have to participate in a garage sale again. Whatever profit I made was not worth the embarrassment of having strangers root through my used clothing while remarking, "Look here, Mabel. Can you imagine anyone actually wearing something like this?"

The only bad thing I can see coming out of this is the possibility that America's charitable organizations will suddenly be buried under massive heaps of stained Fruit-of-the-Looms and smelly sneakers. (You can deduct $8 a pair for these, by the way.) For that reason, I think I'll hang on to my used underwear (the set of briefs I bought in 1990 is barely broken in) and concentrate instead on other "non-cash" donations.


According to ItsDeductible.com, a used can opener is worth $7 and a stuffed animal $6, assuming it's in good condition. Our son is 16 so we don't have too many stuffed animals lying around anymore, but we do have several slightly used dog toys that I'd be happy to donate to charity for as little as $5 apiece. (The monkey's a little sticky, but if you run it through the dishwasher a couple of times, it should be as good as new.)

As is the case with all my dealings with the IRS, I would take pains to be scrupulously honest and not take a deduction for an item that is more than I paid for it. Having said that, I don't think a deduction of $150 for the used tire in my garage is the slightest bit excessive, especially when you take into account its sentimental value.


Even without selling my underwear, I think it will be possible to get next year's income tax bill down to a number an Enron executive might be comfortable with. Sure, the dogs will have to chase each other for amusement, but when you consider the benefits to charity and my bank account, I think they'll agree it's a small price to pay.

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JWR contributor David Grimes is a columnist for The Sarasota Herald Tribune. Comment by clicking here.

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