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donate or sell-(x post in frugality)

post #1 of 5
Thread Starter 
Does anybody know if it is better to donate stuff and write it off your taxes or sell for cash at a garage sale? Don't figure in work involved in a sale--I'm looking at it strictly from a financial standpoint.
post #2 of 5
It totally depends on how much you pay in taxes, IMO. Here are what I think the pros are of donating:

1. Items are ALL gone from your house immediately

2. You can usually write them off for more than you would get at a yardsale (for example, you could write jeans of as say, $10 each, where you might only get 3-5 at a yardsale)

Cons of Donating:

1. You get no actual cash $$, so if you have something valuable, like a piece of funiture, you would probably be better off selling it, than donating it.

2. I think the "write off" limit is $500 without getting an actual apraisial (sp)

3. Since there is no actual cash involved, if you are needing the cash, it's probably better to do the yardsale

The Pros of a yardsale:

1. CASH IN HAND!!!

Cons of yardsale:

1. Not everything goes

2. Takes alot of time to go thru, price, the actual sale day, repacking up what doesn't sell, ect.

3. Things don't usually bring as much at a yardsale as they would on the TP, e-bay, ect.

For me, with my kids, I'd rather just donate it, and get the tax write-off. I sell the nicest stuff here on the TP (I don't e-bay, but that's an option, too), and donate the rest.
post #3 of 5
It also depends on whether you itemize your deductions or just take the standard deduction. If you don't have enough TOTAL deductions to itemize, then you do not get the tax benefits of that donation. One year, we cleared out 75% of our closets, documented it all, donated it--and then at tax time, we didn't have enough total deductions to itemize, so we had to take the standard deduction and got nothing for those donations. (Financially, any way. We, of course, got the emotional satisfaction of donating.)
post #4 of 5
I think yard sales are a waste of time and energy.

The nicer stuff goes on TP or eBay, and everything else gets donated.
post #5 of 5
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