February 2004 (Newstream) --

ANCHOR LEAD: When it comes to charitable contributions, Uncle Sam allows a tax deduction provided you itemize on your return. Matt Kelly has more. (:55)

SCRIPT: It's Your Taxes, I'm Matt Kelly. Donating clothes, household items or other property to a qualified charity, generally offers the same type of tax deduction as writing a check or giving away cash. But at tax time, placing a fair value on your non-cash contributions might not be an easy task, says Fred Grant senior tax analyst for Turbo Tax.

CUT: (Grant) Be sure to claim a deduction for all cash, out-of-pocket, and property donations you make to qualified charities during 2003. You can confidently slash your taxes by using a reliable method like It's Deductible software to estimate that value to estimate the value of the property to charity. You can also deduct 14 cents per mile driven to drop off those donations.

SCRIPT: Grant also explains that if you got something out of the donation, like entertainment or a meal at a charitable event, you cannot deduct the full amount. For tax resources and more information on charitable contributions, log onto www.TurboTax.com. I'm Matt Kelly.

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