According to the United States Environmental Protection Agency, EPA.gov:
Instruction on How to Protect Yourself From Exposure of Formaldehyde
Use Air Conditioning and Dehumidifiers
The rate at which formaldehyde is released is accelerated by heat and may also depend somewhat on the humidity level. Therefore, the use of dehumidifier and air conditioning to control or reduce humidity and to maintain a moderate temperature can help reduce formaldehyde emissions (drain and clean dehumidifier collection trays frequently so that they do not become a breeding ground for microorganisms).
Increasing the rate of ventilation in your home, particularly after bringing new sources of formaldehyde into the home, will also help in reducing formaldehyde levels.
Purchase Certified Wood Products
Consider purchasing composite wood products certified as compliant with ANSI/HPVA HP-1-2009 (for hardwood plywood), ANSI A208.1-2009 (for particleboard), or ANSI A208.2-2009 (for medium-density fiberboard). These standards include limits on formaldehyde emissions.
Formaldehyde on Clothing
Formaldehyde can be used to prevent mildew when transporting clothing and minimize the presence of wrinkles. Minimize formaldehyde exposure by washing your new clothes to get rid of traces of the substance. Doing this will remove about 60% of formaldehyde from the clothing. Choose clothing made out of cotton material. Smelling the clothing first to check if they emit too much chemical scent is a good thing to do also.