Sell or donate used stuff?
SELL THE STUFF. There are several ways to sell your stuff, none of which guarantee success. I hosted my final garage sale several years ago, which brought great disappointment. I had carefully cleaned, priced and displayed every item. After being met with way too many offers of, “Would you take five bucks for everything?” most of it was still left at the end of a very long, hot, disappointing day. So we hauled it to a donation bin.
But don’t let my experiences dissuade you. Depending on what your stuff is, you may find success with Craigslist, eBay or local buy-andsell groups. DONATE THE STUFF. I am a big fan of donating good-quality stuff to charities that are doing good in the world. I know that my stuff is going to get to where it is needed most. That’s my first reward. The second reward is that the IRS compensates us for doing it.
By donating used items to qualified charitable organizations, my husband and I easily claim thousands of dollars in valid tax deductions on our income tax return. And we do this confidently and legally. Every year, we follow the guidelines in a simple workbook called “Money for Your Used Clothing” that is produced by our friends, tax professionals William R. Lewis and Connie S. Edmond. Each year, they send teams to audit thrift stores and secondhand stores throughout the country and certify market value for used items. This is important because the IRS allows us to deduct on the true market value of each item we donate, but we have no way of determining that value. And market value changes, so we won’t dare use the numbers from, say, 2014 for our 2016 return.
Once I register our “Money for Your Used Clothing Tax Year 2016” workbook , we have an Audit Protection Guarantee.