If your summer chore list includes cleaning out the garage and closets, you might have items to donate to a local charity. That may lead to tax savings, but be aware that you can only claim a deduction for noncash donations if you itemize deductions on your tax return. You’ll need to obtain proper documentation from the qualified charities.

Noncash donations of less than $250 must be supported by a receipt that shows your name, address, date of donation and a detailed description of the items. For donations valued at $250 to $500, you must also obtain a “contemporaneous written acknowledgement” from the charity. Contact us, or visit the IRS here.