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Which option will save more money - donation or yard sale ? 2006/10/04 09:16
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I wanted to get ride of my old cloths and my old furniture and I am trying to figure out which is the best option, yard sale or donation. Is there any way to calculate the extra tax refund amount from donation ?. I heard there is a way to figure out the value of the donated items. But how much difference will it make to my tax refund.
Say, if I donate items worth $25,00.00, how much extra refund I will get.
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Save more money - donation or yard sale ? 2006/10/04 11:36
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I think you should not consider donation as a way to make money. Of course IRS gives some break for your good will and IMO it is wrong to be generous to take advantage of it.
How much money you think you will get from the yard sale ?
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Re: Which option will save more money - donation or yard sal 2006/10/05 07:14
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In your tax deduction you claim the fair market value of the items you donated. That means it is the amount you will get if you sell these items(yard sale) . Tax deductions is a reduction from your income to calculate your taxable income and you save a little in dollar wise ( as reduced taxes). So if you are interested in making more money out your old stuffs, go for yard sale.
[quote="jefferyM"]I wanted to get ride of my old cloths and my old furniture and I am trying to figure out which is the best option, yard sale or donation. Is there any way to calculate the extra tax refund amount from donation ?. I heard there is a way to figure out the value of the donated items. But how much difference will it make to my tax refund.
Say, if I donate items worth $25,00.00, how much extra refund I will get.
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Which option will save more money - donation or yard sale ? 2006/10/30 09:34
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If you plan to donate clothing, etc worth $2500, you will probably be
examined by IRS.
Which is better: to donate clothing to charity or sell them?
Imagine that you sold clothing, etc. at a yard sale for $500.00. If you
are in the 15 % tax bracket, the tax savings would be $75.00. Which would
you rather have in your pocket:$500.00 for selling the items or $75.00
for donating the items?
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findtaxs (User)
Platinum Boarder
Posts: 97
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Re: Which option will save more money - donation or yard sale ? 2007/01/18 12:16
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[quote author=supeheterdyne link=topic=164.msg401#msg401 date=1162226040]
If you plan to donate clothing, etc worth $2500, you will probably be
examined by IRS.
I agree. It will raise red flag for guys IRS to examine the claim.
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