Tag Archive for Garage Sale

How To Get A Larger Deduction For Non-Cash Contributions

Two hands holding brown cardboard with garage sale on blue sky background

It seems that everyone has “stuff” around the house that they want to get rid of. One option is to back the truck up to your front door, dump it all in the truck and head for the landfill. And for some items, that is a good alternative, maybe the only one. But some of your things may have value. It’s still in good shape and someone could make good use of it.

A garage sale may be in order. This can put some cash in your pocket, but it can be a lot of work. You’ve got to display and price your wares which takes a good bit of time and thought.  Then you have to sit out all day, answering questions, negotiating prices, and hopefully making sales. The good news is that this is probably not taxable income unless you sold an item for more than it cost. Not likely. You do need to be aware of any local restrictions or licensing of this type of activity. Read more