it’s deductible!

Garage Sales don’t work for me. While I myself shop garage sales, I just do not have the patience to have one myself. Shannon over at Rocks in My Dryer is of the same opinion. Besides, where I live, city workers routinely drive around on Friday and Saturday mornings confiscating all the garage sale signs. Advertising in the paper and on craigslist helps, but the lack of impulse shoppers is a serious hit to the bottom line when it comes to garage sales.

For us, it works out better to give our stuff away. (It feels good too!) Since we itemize our taxes, we itemize our charitable contributions.

I recently discovered I was UNDERESTIMATING the value of the items we give away. I stumbled upon a handy little program called “It’s Deductible” on the http://www.intuit.com website. (It’s Deductible is included with the purchase of Turbo Tax, but it is FREE online!)

It is GREAT! It values items based on common ebay pricing. Check out these screen shots (click to see larger images). I select a category, in this case, I picked “Books, Movies & Music.”

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Then, I click the exact item I’m giving away, in this case, I selected “Books.”

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The choices are clear and the prices are pretty good. For example, if you give away a “high quality” hardback book, the estimated value is $4.00. It’s Deductible automatically calculates your tax savings according to the tax bracket you entered in. When you are finished, you can view and print summaries in PDF. Really a wonderful tool!

And did I mention? It’s FREE!


Find more great tips at Works for Me Wednesday hosted by Shannon at Rocks in My Dryer!