I have an opportunity to purchase several large lots of new clothing from a large well known retailer on clearance for over 95% off. It is being sold for cents on the dollar. The clothing is new with the MSRP sticker prices still attached. The MSRP is estimated to be 65k dollars. It will cost me $600 to purchase.
I'm thinking about purchasing this and then donating. Would the assessed value be the MSRP for tax purposes?
I'm thinking about purchasing this and then donating. Would the assessed value be the MSRP for tax purposes?
Federal Taxes: Charitable Clothing Donation
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