A popular trend in the past few years is selling your gently used clothes at consignment shops and retailers like Plato’s Closet and Clothes Mentor. Clothing consignment shops make the selling of your unwanted clothes easy and convenient. We took in an $85 pair of Hollister jeans in excellent condition and got only $16 for them. Now that’s not great, but if they no longer fit or are out of style – it’s better than nothing. The only problem with stores like this is that they don’t really accept Kohl’s, Target or Macy’s brand clothing – they want designer brands. So what do you do with all your other clothing? One option is to sell it on eBay. You could try a yard sale, or donate them to charity. Many local charities will even come to your house to pick up your unwanted clothes if you make arrangements with them
“MONEY For Your Used Clothing”–written by Certified Public Accountant William R. Lewis and Tax Auditor Connie S. Edmond of Certified Used Clothing Values, Inc.–publishes the values for over 1,200 used clothing and household items commonly donated to charity that comply with the new IRS guidelines, guaranteeing people save at least $250 on their taxes. What’s an example of some of the write offs? A women’s dress $15; $39.50 for a men’s suit; $8 for toddler’s dress shoes; $8 for boy’s jeans; $6 for a girl’s shirt; $17 for a maternity swim suit; $939 for a bedroom set; and, $53 for a wheel chair. If you want the ins and outs on what deductions you can take on your upcoming tax return, the publication retails for $25 plus shipping and handling. You can call 866-417-7678.
Even if you don’t purchase the book, here are a few tips:
If you are selling your clothing to a store – wash and iron them before taking in and bring in on hanger. It may increase how much they offer you. Also, make sure that all the items you are going to sell do not have any rips or stains. Call the consignment shop you were planning on selling your clothes to and ask if they accepts out-of-season clothing if that is what you plan on selling – you could save yourself a trip. Know the stores’ policy and ask if an appointment is needed before you go.
If you donate, keep a list of all of the clothing items you donate and keep it along with the receipt that they provide you. Often times placed like Goodwill do not put a value on it and you always want to have supporting documentation for the IRS. So, go through your closets and make a little extra money on all the clothes you and your kids have outgrown!