Clear Out Your Stuff & Get a Tax Break
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FacebookThere’s just a few days left before the end of the year. That makes it a perfect time to take one last look around to see if there’s anything in your house that you’d like to clear out. If there is, why not drop it off at Goodwill, the Salvation Army, or another worthy organization? Your stuff will get a new life, and you’ll get both a bit of extra space and a tax break. Just be sure to get a receipt for your donation.
Published on December 27th, 2005 - 5 Comments
Filed under: Charity, Taxes
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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My local Goodwill-type place offers receipts, but they only info they list is the date. Since it’s unlikely that I’ll remember what I gave by the time I sit down to do my taxes, I keep a list of every item including the condition. It helps me when it comes time to estimate the value of my donation.
Comment by Jeremy — Dec 27th 2005 @ 10:02 pmWe just did this yesterday. We went through all our summer stuff and if it wasn’t worn this past year, it is given away. WE also threw in some winter stuff that somehow made it through our spring giveaway but that we really don’t use.
Comment by FMF — Dec 28th 2005 @ 7:12 amThis is one of those things I keep meaning to do but never get around to. Maybe once I actually find a house and have to pack everything up again, I’ll keep a seperate pile of things to sell on ebay or give to goodwill or freecycle. Plus, I doubt I could donate enough to exceed the standard deduction since I rent now anyway.
Comment by Blaine Moore — Dec 28th 2005 @ 9:34 amWe do it out of an effort to keep out house de-cluttered as much as a sense of giving. Don’t get me wrong, we like to give, but cleaning up the place in the process helps us make sure we clean out unused stuff at least twice a year.
Comment by FMF — Dec 28th 2005 @ 1:33 pmIf you’re going to be moving, definitely do it. The fewer boxes you need to move, the better your back will feel the next week.
Comment by jim — Dec 28th 2005 @ 5:21 pm