"SUMMER" RERUN - MY ALTERNATIVE TO THE YARD SALE

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{Arecent BUZZ post referenced Trish McIntire’s post on garage sales, and theToday show recently had a segment on garage sales, stating that many municipalitiesare imposing more regulations on such events. Here is a rerun that discusses my alternative to the agita of having agarage sale.} 
In the summer Americans usuallyclean out their closets, attics, basements, and garages to get rid of “stuff”they no longer need or want.
While some items are true garbageand need to be thrown away, many others still have a useful life – and can beput to good use by someone else.
What do you do? You can have asidewalk, yard or garage sale and try to make some extra money. Not what Iwould do. Do you really want the great unwashed masses tramping through youryard or garage, and possibly your house as well? This activity usually wastes afull day, is loaded with potential for agita, and in the end you never get whatyour stuff is really worth. During the last hour of the sale you often end upalmost giving away what is left just to get rid of it.
A better idea is to donate yourunwanted, but still usable, items to a church or charity. With this method youmay ultimately end up with about 1/4 to 1/3 of the current market value of thestuff in your pocket (depending on your federal and state tax brackets) – whichis probably not much less than you would end up in a yard sale anyway – youavoid the agita, and you get to help out a needy cause.
If you itemize you can deduct the“fair market value” of used items donated to charity. According to the IRS,fair market value is the price a “willing,knowledgeable buyer would pay a willing, knowledgeable seller when neither hasto buy or sell.”
You are responsible for determiningwhat the items you are donating are worth. The charity is not required to, andin most cases will not, provide you with a value. There are several onlineguides to help you come up with a number. Click here for the Salvation Armyvaluation guide.
Whenever you make a contribution ofused items you should always make and keep a detailed listing of the items youare donating with the condition and value of each set of items (i.e. 6 pairs ofmen’s pants, good condition, $60.00, 5 pairs of men’s shoes, good condition,$75.00). You may want to attach a copy of the listings to your tax return.
You cannot deduct the contributionof a used item unless it is in at least "good" condition. Donationsof clothing and household items with a minimal monetary value, such as usedsocks or underwear, are also not deductible
When using a local charity’s bin atthe mall to make your donation be sure that what you are dropping off on anyone day is not worth more than $250.00. If the total value of items donated toa charity in a single day is more than $250.00 you must have a writtenacknowledgement from the charity with its name and address, the date of thecontribution, and a description of the items donated. The acknowledgement mustalso indicate whether you received any goods or services from the charity inexchange for the donation.
TTFN