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Garage Sale vs. Goodwill Donation

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Author	Comment
LaydeeLynn	Garage Sale vs. Goodwill Donation	Lead	[-]
Jilted Girlfriend in Mourning Posts: 406 (05/01/08 11:26 AM) Jilted Girlfriend in Therapy Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	Tags : None Got a question for the tax lady or anyone who might be able to offer advice... I have a garage full of stuff (houshold items, craft supplies, small appliances, clothing, accessories) that I want to get rid of as we will probably be moving to Texas within the next few months (haven't heard any definite date yet) and I'm not really interested in toting it all down south. We probably won't ever use any of it again anyway, but I tend to be a packrat. Anyhoo, my question is this...would it be better to have a garage sale or donate all this stuff to Goodwill and just take the tax deduction? I just don't know what the tax benefit would be (read: more money in my pocket at tax time) as opposed to maybe making $100 in a garage sale (cuz ya' just never make much on garage sales). I'm not interested in trying to get rid of any of it on eBay as it's just too much of a hassle with fees, packaging, shipping, gas money to the post office and dealing with asshole buyers. I'm currently embroiled in a war with a buyer who is a total psycho-bitch from Hell who is trying to get me banned from selling. Any advice is welcome. Lynn
BoyBandReject		#1	[-]
Jilted Girlfriend Sleeping with HIM Again Posts: 863 (05/01/08 11:38 AM) Jilted Girlfriend in Mourning Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	goodwill...just get rid of the shit
Angelpix		#2	[-]
Jilted Girlfriend Posts: 103 (05/01/08 11:52 AM) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	If you donate to the Goodwill, be sure to itemize every item you donate and a fair price/value for it (whatever it might be sold for at the Goodwill). You will have to itemize all your deductions on your taxes next year to take advantage of it. But trust me when I tell you that it adds up quickly and is probably worth the effort. There is a great online tracker for keeping track of items and values. I got the link through my TurboTax. I'll track it down and post it.
Slaphappy		#3	[-]
Jilted Girlfriend Sleeping with HIM Again Posts: 1196 (05/01/08 12:47 PM) Jilted Girlfriend Sleeping with HIM Again Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	Definitely far better off donating it- you'll definitely get more for your money that way come tax time. We always do that instead of garage sales anymore. Look us up when you get to Texas! Yeee hawwwww!
onenlyn		#4	[-]
Jilted Girlfriend HE's cheating with Posts: 3364 (05/01/08 03:17 PM) Jilted Girlfriend Housemother Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	Texas hooray! Short answer: Goodwill. Long answer (warning, involves math): Say you have a yard sale. You make $100. Your effective tax rate is 10% (I like easy math). You are supposed to report the $100 as income, so you really only made $90 (100 -10 in tax = 90). That doesn't take into account the time and hassle factors. Now, assume that you deduct it at an effective tax rate of 10%. You get back 10 cents of every dollar value deducted. In all probability, the thrift values (which most programs like Turbo Tax have loaded in) are higher than your yard sale values. If you can come up with $900 in thrift value, you come out even and can drink beer and run around in your pajamas while you're doing it! So, take pictures of the items, itemize the list, and deduct away.
LaydeeLynn		#5	[-]
Jilted Girlfriend in Mourning Posts: 406 (05/01/08 09:05 PM) Jilted Girlfriend in Therapy Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	You guys iz da best! Thanks for the info, y'all. Well, I'll be packing everything up and taking it to the Goodwill drop off center this weekend. In the end, it's the right thing to do and helps everybody. Lyn - will I need to send the pics with my tax return or do I just hang onto them in case of an audit?
onenlyn		#6	[-]
Jilted Girlfriend HE's cheating with Posts: 3364 (05/02/08 09:06 AM) Jilted Girlfriend Housemother Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts Report Post	You should keep copies of all tax returns and supporting documentation for six years (or forever if you're me). If anything from a previous return could affect something on a current return (like capital loss carryforwards) keep the returns until the latter of the two passes six years (okay, that made zero sense to anyone but me). So yes, keep the pictures and the itemized receipt from goodwill in your file with your return for not less than six years. I store my tax returns both on paper and electronically.

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