Money is Hiding in Your House

You have money. Money that you don't even realize that you have...it's hiding right in your house! In fact, it might not be hiding, it might be laying there, right out in the open! Take a look around you. Are there things that you have that you haven't used in a while, and that if you are honest with yourself, you probably won't use anytime soon (if ever.) That thing, could be turned into money. Why not make the most of it?

So, how do you turn things into money? Ebay comes to mind. As do garage sales, consignment shops, and free ads that are offered online ~ I've sold a lot of unused items on Craigslist. If you have the desire, you can turn your "stuff" into cash. You can then take that cash and use it to help tame your Debt Beast.

If you don't need or want to turn your items into immediate cash, you can always donate them and use the wrtie off on your taxes.  With the deductions guidelines you might be surprised at how those clothes you never wear add up.  Plus ~ think about all the extra closet space you'll have:)  According to the IRS you need to itemize your taxes and you need to have receipts or proof of donation to a charitable organization.  Example: when I drop off  clothing and household items are my local community thrift store, which is similar to Goodwill, I receive a donation slip with the date.  It is up to me to determine the "fair market value" of the items I donated.  Typically, I will mark down what I would pay at a garage sale, thrift store or consignment shop, since that's where I do a lot of my shopping anyway.  The thrift store has conveniently listed some typical price points for donated items right on the donation slip so I can just make a quick tally ~ place the slip in my tax file for retrieval come tax time. (You can check out the IRS pub 561 if you have large items, stocks or other items to donate at http://www.irs.gov/ The items do need to be in good saleable condition. )

Here are some examples of amounts you can deduct as listed by my local thrift store (Family Pathways):

Clothing Description               Adult             Child/Infant
Wedding/Formal Wear      $10 - 200           $4 -25
Footwear                           $2 -20                $1-6
Hat, Mitten, Gloves            $.50 - 8              $.50 - 5
Jeans                                  $3.50-15.00      $2 -6
Hoodie                               $4-15                $3-6
Outerwear/jacket/coat        $5 - 80               $2-25
Pant, Skirt, Shorts              $2 - 10               $1.50-5
Sleepwear                          $2-6                   $1-3
Swimwear                          $2-6                   $1-4
Two-piece suit/Dress          $4 - 25               $3-8
Top, blouse, skirt, sweater  $2 - 6                 $1 - 3

Household Items                                             Furniture                            
Bakeware                          $1 - 5                    Bookshelf           $8 -20
Bedspread/Quilt                 $3-20                    China Cabinet     $45 -200
Blanket                               $3- 8                     Coffee Table      $8 -45
Coffeemaker                       $4 - 8                    Crib w/mattress  $15 - 65
Curtain/Drape                     $2 - 20                  Desk                  $25 - 140
Glass/cup                           $.50 - 1.50             Dining Room Set $25 - 140
Kitchen utensil                    $ .50 - 1.50            Dresser w/mirror $15 - 55
Lamp                                 $4 - 25                   End Table            $8 -35
Mixer/Blender                    $5 - 15                   Kitchen Chair       $2.50 - 15
Picture/painting                   $3 - 50                   Kitchen Set          $35 - 200
Plate                                   $.50 -3.00              Sofa                    $35 - 200
Pot/pan                              $1 - 5                      Trunk                  $8 - 70
Sheet Set                            $5 - 10                   Upholstered chair  $15 - 100

Just to give you an idea.  You can look up other items online. Or consult with your tax advisor.

Take the plunge! You may find it refreshing to free up some space and make some cash or save some money come tax time!

What tips do you have?