I have been on the garage sale fence for a while, because, in part of the tax deduction that donations will yield us. For a long time I have processed the amount I would have to yield at a garage sale compared to the amount I would receive as a tax deduction and I’d like to go through that today. For illustrative purposes, let’s say we are in the 15% tax bracket and the item we are selling is a ladies dress shirt. You estimate it will bring in $1 at a garage sale, but the donation will give you a tax deduction of $4.
Since the donation gives you a tax deduction, the actual amount of cash you will see in your refund, or that you will save on a tax payment is 15% of $4 or $0.60. In this case, it would be better to try to sell the shirt at a garage sale.
This all assumes that I can itemize my deductions. If I cannot itemize, then this all a moot point because it will always be better (monetarily speaking) to re-sell the items, either by garage sale or consignment.
This week, I sold our Sit N Stand Stroller for a little less than I had wanted to, but it is gone from my garage and I have a little extra cash to play with, or sock away. Most likely sock away. I will re-list the other baby items when they expire on Saturday morning – I hope re-listing them for less money will help them to evacuate my garage.
I really thought there would be more of a market for used baby items – maybe when I lower the price. I mean, most items I listed were $30-$40 and looked barely used. I am hoping another small price reduction will help them to sell.
I have 13 active listings on eBay right now. One sold right away and I shipped it out, but the others are getting views and no bids. 5 more days on those, so I can hopefully update that to status to sold!
I am selling a lot of my daughter’s spring clothes, a sweater, some misc. adult clothing, a Mickey Mouse stroller fan that we got a Disney World, a page of coupons from a magazine, and a few cookie cutters.
I am trying to test the water for good re-sell items.
Also on the goal list for the next few weeks is to try to find something that I can sell on eBay or Etsy that I can make, that is unique and that will be worth my while to make it. Hair pins? That is the only idea I have so far, but I would really like to think of something simple for me to make that is also useful. Wait- I just described the perfect invention. Ok – as always, we’ll see.