Whoa.....it's finally happening!

[LilRedWagon]

If you are in a large enough area to have someone that deals with estate sales you might think of contacting them. Around here they take about 30/35 percent of profit on household items, 20 percent on antiques. It would save you a huge headache and they sell every single sellable thing. All you do is wait for the check!

 

[Every Road Leads Home]

If you are in a large enough area to have someone that deals with estate sales you might think of contacting them. Around here they take about 30/35 percent of profit on household items, 20 percent on antiques. It would save you a huge headache and they sell every single sellable thing. All you do is wait for the check!

Cheli,  

     We have an auction house next door in Holbrook if you want to go this route.  I think it's called Trudels.  It's right on S. Franklin St.  

Matt

 

[Cheli]

Cheli,  

     We have an auction house next door in Holbrook if you want to go this route.  I think it's called Trudels.  It's right on S. Franklin St.  

Matt

Not sure it's worth it because I only have a couple pieces if higher value items left, the rest is all crap (nice crap but crap the same) only worth anywhere fro a couple bucks up to $100 give or take.  But I'll check it out, thanks.  

 

[jimindenver]

Chele, I am considering just donating some of my stuff for the tax break. The tax breack can be the same or close to selling it since you claim the value not the yard sale value.

 

[Cheli]

Not sure it's worth it because I only have a couple pieces if higher value items left, the rest is all crap (nice crap but crap the same) only worth anywhere fro a couple bucks up to $100 give or take.  But I'll check it out, thanks.  

I meant up to $100 per item, not total. And I have a lot so not sure how I'd do a donation for a tax break where it's all sorts of stuff. Not sure how the open house will work out but if I can unload a lot then the rest will be donated.

 

[DannyB1954]

Chele, I am considering just donating some of my stuff for the tax break. The tax break can be the same or close to selling it since you claim the value not the yard sale value.

It can work for you, but your total exemptions would have to add up to be more than the standard deduction. For a lot of people, (especially without a mortgage), hard to do. It would need to put you in a lower tax bracket. If you are in a 20% bracket and deduct say $100 on an item, that just means that you do not need to pay taxes on that $100, or you saved $20, (20% of 100). So you got rid of a hundred dollar item for 20 bucks. 

Another tax break is to send me your money and file a 1099. For every $100 you send me you can save $20. As you may now see, tax breaks are not the greatest thing for making money.

 

[ArtW]

When I downsized into my travel trailer, most of my stuff got given away, but most of my stuff wasn't worth much, either

 

[drysailor]

I meant up to $100 per item, not total.  And I have a lot so not sure how I'd do a donation for a tax break where it's all sorts of stuff.  Not sure how the open house will work out but if I can unload a lot then the rest will be donated.

Cheli, you should check with a currently IRS certified Tax Pro on this.
As I understand the IRS rulings of the past few years, they no longer allow this. Current regs say that if total material donations are over $250. you can only deduct what the charity says they actually received for the item, not what you think it might be worth, and you need a receipt from the charity that lists what they sold it for.