donate or sell-(x post in frugality) - Mothering Forums

Forum Jump: 
 
Thread Tools
#1 of 5 Old 02-02-2006, 12:11 PM - Thread Starter
 
Nankay's Avatar
 
Join Date: Jan 2002
Location: Iowa
Posts: 1,058
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.
Nankay is offline  
#2 of 5 Old 02-02-2006, 03:19 PM
 
Free Thinker's Avatar
 
Join Date: Dec 2002
Posts: 2,535
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.
Free Thinker is offline  
#3 of 5 Old 02-02-2006, 05:49 PM
 
Jennisee's Avatar
 
Join Date: Nov 2004
Posts: 7,341
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.)
Jennisee is offline  
#4 of 5 Old 02-02-2006, 05:59 PM
 
Ruthla's Avatar
 
Join Date: Jun 2004
Location: Long Island, NY
Posts: 47,599
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 3 Post(s)
I think yard sales are a waste of time and energy.

The nicer stuff goes on TP or eBay, and everything else gets donated.

Ruth, single mommy to Leah, 19, Hannah, 18, and Jack, 12
Ruthla is offline  
#5 of 5 Old 02-02-2006, 06:05 PM
 
DoubleOven's Avatar
 
Join Date: Jan 2006
Location: Lap of Luxury
Posts: 880
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
:
DoubleOven is offline  
Reply

Quick Reply
Message:
Drag and Drop File Upload
Drag files here to attach!
Upload Progress: 0
Options

Register Now

In order to be able to post messages on the Mothering Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
If you do not want to register, fill this field only and the name will be used as user name for your post.
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



User Tag List

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page


Forum Jump: 

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off