You're preparing to downsize your house and deal with your "stuff." You can't take it with you. Your children don't want it. The auctioneer doesn't want it. And you're having a difficult time finding a buyer. What do you do?
An increasing number of people are donating items to a nonprofit organization rather than wasting any more time trying to sell it. As a result, in my opinion, we are currently in a golden age for nonprofit donations. Donations are at an all-time high, and thrift stores have been the beneficiary of this increase in generosity.
Need proof? In our area, Good Stuff Thrift has grown to four locations, Impact Thrift has three locations, NOVA just built a larger building, and Holy Redeemer Thrift is adding space, all to accommodate the growing volume of donations. Add in Habitat for Humanity, Salvation Army, Vietnam Vets, Goodwill, Community Aid, and a host of other similar groups, and a whole lot of donations are needed to keep them all in business.
What’s it Worth? As donations have increased, most nonprofits have become more selective in what they will accept. Most will provide you with a receipt that does not contain a donation value. That's your responsibility. What should you claim? Our advice would be to make a fair estimation of value and take some digital images for documentation. Donations under $500 require nominal documentation. But as your declared donation value increases, documentation requirements increase, and if donating items of substantial value, you may want to consult your attorney or accountant for guidance.
Mike Ivankovich is an auctioneer, appraiser, home downsizing expert, and host of the "What's It Worth? Ask Mike the Appraiser" radio show that airs live on Friday mornings from 9 to 10 a.m. on WBCB 1490 AM in the greater Philadelphia area. It is available on the internet at www.WBCB1490.com. His show also airs in Denver, Co., on KEZW Cruisin 1430 AM on Saturdays from 3 to 4 p.m. MST and Sundays from 11 a.m. to noon MST, and on the internet at www.Cruisin1430.com.
To learn more, visit www.AskMikeTheAppraiser.com.