Had our yard sale today

[ithaca]

But there's a limit of $500, isn't there, before you have to have more serious documentation than the little receipts those charities hand out. A deduction of $200-300 on your taxable income isn't the same as $200-300 in your pocket.

I assumed that since disneysteve had $250 in sales and was selling items "really cheap", those items (plus the items not sold) would have a donation value of $600+. As long as he kept a good record of the items donated, that could end up as $200+ in your pocket.

[disneysteve]

I assumed that since disneysteve had $250 in sales and was selling items "really cheap", those items (plus the items not sold) would have a donation value of $600+. As long as he kept a good record of the items donated, that could end up as $200+ in your pocket.

I'd say that is accurate. In fact, maybe even more. There is just something really satisfying about doing a good honest day's work and ending up with cash in your pocket, though. We can still donate the unsold items and take the deduction for those.

[shelbylovesmelby]

I'm hoping to have a rummage in 2 weeks or so myself.... if dh does his part as we were supposed to have one last year & it didn't pan out cause he wouldn't go thru his things & he's got tons & tons.

Ya I know about the tax deduction ect & I'd rather make a lil cash in hand as well. I donated a boxes & numerous bags of kids stuff & hh items 2 yrs ago & itemized them & was over the amt they would require reciepts for too much of a PITA. Plus there have been numerous dicussions on Goodwill on here & other forums to almost use them as a last ditch effort to do some good w/ unwanted items. I think if we get that far I'll call the local shelters or the kids clothing exchange.

[tinapbeana]

as someone who has never itemized b/c i don't have half the standard deduction to claim, i'd definitely take cash in hand from a yard sale or a trip to the flea market...

[Aleta]

I would rather take the cash now approach as well. You can always put the proceeds in an interest bearing account making more money. If you itemize, you have to wait until the end of the year and pray that you have all of your receipts which can be another headache.

[momandmurray]

Congrads on the sale!!

When you decide to do it again, I would love to offer some ideas that will get your sales much higher. We have a yard sale twice a year. The last one we had, I made 1711.25. The cost is only my time and poster board.

[LuxLiving]

momandmurray, love to hear them - so offer them now please - plenty of us out here possibly getting ready for a Memorial Day weekend sale...

[Aleta]

Welcome momand murray. We can always use garage sale tips. Hope that you will share them with us as this is the time of the year to have the garage sales.