While I've urged eliminating your mortgage tax deduction by eliminating your mortgage, that doesn't mean I don't favor taking every lawful tax break!

A bit in this week's Bottom Line Personal (my favorite publication) suggested I need to make some adjustments — increases — in deductions. The category? Old clothes. You know: the cast-offs that weren't snatched up at your fall yard or garage sale. You probably took the remainder to Goodwill or some other charitable organization. One of my local choices is the thrift store that supports the abused women's shelter.

When I drop off a box of clothes, I generally estimate the value as the dollar amount I had the posted at the tag sale: 50 cents for a pair of shorts, $3 for jeans, etc. But William R. Lewis, CPA, CFP, explained in "Get a Bigger tax Deduction for Donated Clothing" the rule of law is Fair Market Value.

That sounds reasonable to me, and exactly what I'd expect. What I didn't expect was the generosity of the the IRS in assigning the "fair" part of market value. For example, a long-sleeved dress shirt in good condition is valued at $10.50 - far more than it would sell for in your front yard. But then, a person shopping in a thrift store has more choice than in your front yard.

Little girls' blue jeans are valued at $9.50. A silk tie in like new condition: $10. You can check websites like www.goodwill.org or www.salvationarmyusa.org for lists of acceptible valuations. Of course, you'll want to itemize your list and file form 8283 if over $500. But at these prices, it would be easy for an over-stuffed closet to exceed $500. Ten like-new men's 2-piece suits would generate a $510 tax deduction for you. Boxes and boxes of children's clothes can do the same thing. Ask your accountant, because a few other rules also apply.

Paying off your mortgage is not the end of tax deductions. It may just be the beginning of more creative ones.