Better to donate or have a yard sale with first time home purchase??

[Anonymous]

Just wondering if you are better off donating to Salvation Army/Goodwill/Purple Heart type places and take note of everything you donate for 2014 taxes or have a yard sale. Obviously the short term yard sale cash could help pay for the move, things for the new house but not that we'll be itemizing am I better off just selling the big stuff and donating the rest?

Thanks!

[Anonymous]

Depends on your tax rate, but mine is on the higher end and I do better taking the tax deduction from making a donation than I do from selling. Especially true with yard sales where most shoppers expect bargain prices.

[Anonymous]

I say donate via gooddonor.org. The time it takes to organize, promote and hold a yardsale can negate the benefit of having one depending on the money. You can get FMV for items donated, items ove $500 though need an appraisal. People coming to yardsales are looking for deep, deep discounts, so it is hard to make a significant amount of money holding one.

[Anonymous]

Well, for tax purposes you're only supposed to value your donated stuff at what it would actually sell for second-hand. Financially, you're better off selling the stuff. Personally, I think that holding a yard sale is a lot of work for the money and would rather just donate and take the tax deduction. If you're going to be selling big items anyway, you might want to have a yard sale. You'll still end up with a lot of unsold items to donate. Don't forget to get receipts for your donations.

[Anonymous]

Sell the big items on Craiglist. Donate the rest.