Would I get more $$$ selling my baby clothes to a resale shop OR by donating them and getting a tax receipt?
Ok, I have a large bin of baby clothes sizes 0-3, 3-6,6-9 and 9-12 mnths. Basically, the first yrs. worth of clothing for a boy… As well as some receiving blankets… All of it in excellent condition.. Would it be better to sell to resale shop for cash or donate it to Goodwill, Salvation Army or other and get a tax receipt.. However, we dont itemize our taxes since we don’t own a house or have any investments… What would be the best thing to do? I don’t have time/patience for a garage sale..
I also have a full-size swing, a travel swing and exausaucer, bassinet, Graco travel system w/ extra infant carseat/base..
*I NEED to get rid of these things BEFORE my brother/parents visit.. My younger brother just became a parent at 21 yrs.. He and his “lady friend” are just low-life and think everyone should just “do for them”… She is on public assistance and has had a child taken away.. I feel that WE meaning my family work too hard for what we have to just give it to someone that doesn’t appreicate anything..My brother has “built” his life around using and abusing people and I don’t want to be a party to it….* I found my solution my friend is having a garage sale and they are expecting and whatever they don’t want I’m going to sell to buy my older son clothes for fall/winter..
If you don’t itemize then your choice would be to sell to resale shop for cash. You have to itemize in order to get any benefit for a charitable donation on your federal return.
Take it to a resale shop. If you don’t itemize on your taxes, a donation receipt isn’t going to do you any good.
I usually do pretty good with the resale shop I deal with. She takes the stuff in on consignment, and sends me a check every month. The first $10.00/month goes to the house, and we split anything over that. Beats the heck out of doing a garage sale! And, I usually get a small check each month for several months in a row!
i think selling them would give more money
if u take it to salvation army u estimate the value urself. we do that will all our old clothes
You’d get more financially by selling the items to a resale shop, no matter what you get for them. If you don’t itemize, you don’t get any tax benefit from a charitable donation. Even if you itemize, the tax savings is at most the resale value of the items times your tax bracket, so maybe 15% or 25% of the resale value.
Definitely sell them. You will not get more money for the used clothes than they are worth. You will not owe any taxes, and can pocket the money for your own use.
If you donate them, you will get no tax benefit at all since you do not itemize.
Maybe give a few things to your relatives, and sell the rest to get yourself some cash.