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Donating old clothes and furniture vs Selling
Posted on 4/25/13 at 7:38 am
Posted on 4/25/13 at 7:38 am
I am moving into a new house and I am not bringing any of my old furniture and I am getting rid of a lot of clothes. I know you can donate it and get a paper from them showing you donated it and get a deduction at the end of the year. Would that be more beneficial than just trying to sell the furniture on craigs list?
2
Posted on 4/25/13 at 7:39 am to tdavi48
That would be your decision. I believe the max you can deduct for donations or this sort is only $350 per year, or at least that is what I was told. I just go this route each year with clothes, etc..
Posted on 4/25/13 at 7:45 am to HeadyMurphey
That's the most you can deduct without raising an eyebrow. Because in reality your stuff is worthless and the IRS knows this. But if it is worth more make sure to have detailed information about it.
Posted on 4/25/13 at 10:59 am to tdavi48
Obviously you'll get more $$ on craigslist but what a hassle. Last time I moved apartments I tried selling stuff and I made two sales (theoretically), both to college students. One dude I think got cold feet about spending $200 and flaked on me. He bitched that he called in the middle of the day and I didn't answer. I was napping, dammit. 
To be fair he was probably 18 and that seems like a lot of money to a kid that age.
The other supposed sale was to this law student who was shockingly
. So she gives me $50 for this heavy chair, and I have to drag it into her car for her. Then two days later she claimed she found "insect damage" in the chair and told me she wanted her money back. So I had to drive down to her house and pay her back, and again drag this heavy arse chair our of her house and into the dumpster.
To be fair he was probably 18 and that seems like a lot of money to a kid that age. The other supposed sale was to this law student who was shockingly
. So she gives me $50 for this heavy chair, and I have to drag it into her car for her. Then two days later she claimed she found "insect damage" in the chair and told me she wanted her money back. So I had to drive down to her house and pay her back, and again drag this heavy arse chair our of her house and into the dumpster. Posted on 4/25/13 at 12:04 pm to reb13
The IRS most certainly does not know your stuff is worthless. Have you walked through a thrift store recently? And you can claim up to $500 of noncash charitable contributions without attracting undo attention from the IRS.
Do you think the IRS wants to audit taxpayers for their donations to charities? That would earn them lots of goodwill with the public and members of Congress.
Do you think the IRS wants to audit taxpayers for their donations to charities? That would earn them lots of goodwill with the public and members of Congress.
Posted on 4/25/13 at 12:06 pm to Poodlebrain
quote:
The IRS most certainly does not know your stuff is worthless. Have you walked through a thrift store recently? And you can claim up to $500 of noncash charitable contributions without attracting undo attention from the IRS.
Thank you for being intelligent. The previous post was absurd.
Posted on 4/25/13 at 12:14 pm to Poodlebrain
quote:
The IRS most certainly does not know your stuff is worthless. Have you walked through a thrift store recently? And you can claim up to $500 of noncash charitable contributions without attracting undo attention from the IRS.
Do you think the IRS wants to audit taxpayers for their donations to charities? That would earn them lots of goodwill with the public and members of Congress.
The best way to support your donations is to (a) get a receipt from the donating entity, and (b) take photographs of the donated items and attach the photo(s) to your receipt.
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