We just moved and are in the process of selling our old house. We've got the garage about half packed with items to get rid of. Planned on having a yard sale but then someone today mentioned that they always just donate their stuff to GoodWill, get a receipt and then write off the donation on their taxes. Hmmm... I'd never thought of that. Now, say I dontated and got a receipt for say $600, how much of this would I actually be getting back at tax time? We've got a lot of stuff to get rid of, just about all the furniture and kitchen items, plus a ton of kids toys.
TIA!
2007-08-21 09:14:19 · 18 answers · asked by Stacy S 2 in Home & Garden ➔ Other - Home & Garden
If you don't need the money immediately, Donate.
Consider this. If you have a yard sale, you have to sit out waiting of the customers to buy your stuff, and you may or may not sell them all. Then, what are you going to do with the remaining items! you probably will have to donate them!
Just cut the leg work, and donate them from the start, and save yourself the time and the work you have to do with the yard sale. With all the work you had to do with move out! Give yourself a break, at the same time you will be helping the needy. What is better than that! Double reward.
Take it from someone who moved from another State. We know how much work it takes to move from one place to the next. Give yourself a break, and make your work less, not more. If you can.
Good Luck
2007-08-21 09:27:14 · answer #1 · answered by sinafaith 3 · 8⤊ 0⤋
Do you have the time and energy to hold a sale? I've had more yard sales in my life than grey hairs....wait, maybe that's why I'm getting quite grey? LOL For me, a sale is a huge pain in the butt and plays with the sentimental side. However, you can bring in some nice cash for the work, especially with your furniture. As long as you have enough to attact customers, and promote your sale, you'll do well. You might ask your neighbors to join in. The more houses, the more people will drop in. (I get the feeling you've done this before, so you know the ropes?)
If you don't have the time or energy...donations to any charity are tax deductable and very welcome. If you itemize, you need a certain amount before it will help. Sorry can't remember the figure, but $600 would be a good start. There's the feel good factor too. If you're selling furniture, you might check out some local "junk/antique" shops to buy it. You might be underestimating what you've got.
Good luck!
2007-08-21 09:31:26 · answer #2 · answered by ollie 2 · 0⤊ 0⤋
I've found that donating is from the heart more than help at tax time. You would have to figure how much would $600.00 deduction really bring you? Most likely the $600.00 would be actually 600.00 in your pocket...a $600.00 deduction does not mean 600.00 cash back on taxes. Also look at whom you will donate...do they give to the poor, resell, help the community. I prefer free clothing stores and help shelters which also give receipts but charge nothing or very little for those that can't afford it. If you don't have money then how can you buy things you need anyway?
Personally I would have a yard sale and donate the leftovers...that is the best of both worlds.
2007-08-21 09:23:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Donate to the Salvation Army or Goodwill or a shelter or another place where you fill out the receipt and determine the amount. You will save lots of time and energy and you can take a tax deduction. Plus you will help someone in need versus yard sale shoppers who may just be buying extra stuff.
2007-08-21 12:25:41 · answer #4 · answered by ciao_gina 3 · 0⤊ 0⤋
Donate, because when you have a yard sale, people try to get lower prices. Even though your not getting as much donating it, a tax deduction is better. Also you'll be helping people who need it. Another answer is have a yard sale then donate the things that you couldn't sell. You could try to get the most money, then donate the rest for a tax deduction.
2007-08-21 09:19:39 · answer #5 · answered by Bookie 2 · 4⤊ 0⤋
I have been downsizing for 4 yrs. I plan to move to new place sometime in 3 6 months and must continue to do so. I am storing Barbie collectibles, baseball cards etc for adult children. I don't plan on moving any of it. They either come and take it home or gets donated. I have grown weary of my closets being full of their stuff. We even have a bedroom now furnished as a complete nursery school with desks, cradles and baskets of dolls, action figures etc. I plan on taking only a very small amount of toys to the new house. I am donating excellent books to the library and all else to Goodwill. I will offer it all first to people I know. Good luck with this ongoing project!
2016-05-19 01:19:15 · answer #6 · answered by ? 3 · 0⤊ 0⤋
Sell whatever you can, donate the rest. Just set up the sale for a Saturday, from 9-noon. When noon comes, load up the leftovers and take 'em to GoodWill. I'd rather have cash in my hand than a tax-deduction anyday of the week.....
2007-08-21 09:22:44 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Why not have a yard sale and than donate what doesn't sell, that way you can make a little money and feel good about donating the rest to charity.
2007-08-21 09:21:46 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Goodwill and the like are getting pretty fussy with what they take, have a yard sale and forget the prices just put best offer on the items and if you feel like giving it away then do it.
2007-08-21 09:41:02 · answer #9 · answered by groingo 4 · 0⤊ 0⤋
I'd have the sale, one day only. Then sort through what remains, donate the better stuff and toss everything else. Goodwill doesn't want trash either.
Last yard sale we had I hung a sign for late comers, take what remains, please. They did. I figured someone else could make a few cents on it, I was through with it.
2007-08-21 09:26:46 · answer #10 · answered by fluffernut 7 · 1⤊ 0⤋