Three Items That Are Worth The Tax Deduction Rather Than Sale
When it comes down to getting rid of an older item, you may be deciding between two choices. The first choice that you have is to sell an old item and the second choice is to donate the item. If you are not sure which option is for you, there are a number of factors that can help you decide, including the value, how difficult or easy it will be to sell the item, and your personal tax bracket. Here are three items that can often be better to donate than to sell for the tax deduction.
Older cars that you no longer drive
For the insurance and tag costs of keeping an old car and the cost of storage, it can be better to seek out a tax deductible car donation program, rather than attempting to sell an old car. Though many buyers and sellers will consult Kelly Blue Book when attempting to buy or sell the car, this does not change the fact that some older cars will remain unpopular. Instead of trying to sell the car and having to pay taxes on the amount, it can be better to donate the car to a trade school program for a tax deduction.
Designer clothing items
Wearing designer clothing items that are out of style or no longer fit may not find buyers for the item. Depending on the brand and the condition of the item, your item may be worth much more than many on the open market will be willing to pay for. For this reason, it can be a better idea instead to get a tax deduction by donating the item. There are shelters and schools that accept the donation of clothing, especially clothes that can be used for business and interview purposes.
Old sports equipment
There are sports classes and teams of all kinds. Every sport from baseball, golf, or skiing has various amateur league teams and teams for children. If you are looking to get rid of your old sports equipment, donations to a team can help young people learn the sport and provide you with a deduction. If you are ready to trade in your old equipment for newer sports paraphernalia, you should consider tax deductible donations. Be sure to only donate equipment that is in proper functioning order, so that the team can get the best use out of the equipment, safely.