So you’ve won your first storage unit for $200 and start digging in. First you find a few fly rods you know are worth a couple hundred bucks. Then you find an old silver watch and cufflinks that will bring a few bucks. The rest you decide to dump ... other than a few odd trinkets you’ll get appraised later on. You start gathering up piles of clothes, kitchenware, and a baby stroller to throw away at home.
STOP! Why dump these items when they could help someone else and you can receive a tax deduction in the process? Everyone benefits when you drop those items off at an organization who can get them in the hands of someone in need.
Here are some tips on tax deductions:
When documenting and claiming your tax deduction there several approaches to valuing the donated items. It’s important to be reasonable and consistent. For some help in this area, click here for IRS guidelines as well as input from the Salvation Army.
Here are some charities that accept donated goods:
Storage Treasures has teamed up with storage operators to found the first national storage charity. After you buy a unit, ask the facility manager if they participate in Charity Storage, where facilities designate a storage unit as a donation point, and later auction the unit off to raise money for local and national charities.
Salvation Army can send a truck to your home to pick up your items, which may help someone across town or at the site of a natural disaster.
Goodwill has over 150 stores throughout the US and Canada as well as a wide network of donation points to help get your used goods to someone in need.
Stop by our forum and let us know how you, or your fellow auction hunters have made a difference and to let us know what organizations can accept goods in your area.
Your Storage Treasures Team
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Here are a few links you might find useful:
How StorageTreasures Works
How Storage Auctions Work
Real Life Stories of Storage Auctions