qbteachmt
Level 15
03-18-2022
01:42 PM
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I am certain that two listings at $4,999 won't look at all suspicious...
https://www.irs.gov/pub/irs-pdf/i8283.pdf
"Similar Items of Property" is defined there.
And the Goodwill FMV per clothing item is running about $5 each. That means they gave at least 1,000 items of clothing, which I guess would be annually for a family of, oh, maybe 12 or so kids, because kids grow out of stuff and no one in the family wants hand-me-downs? Even a bike or computer desk or coffee table or microwave are $10. And a general rule is 30% of what you paid new. That means they give away $42k of stuff every year? Whew; I want to be at their next yard sale.
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