Spring Cleaning Tips from Jim Henderson
Jim Henderson, offers up these Spring Cleaning tips which were recently featured in the Naples Scout Guide. With spring just around the corner, many of us are starting to think about “spring cleaning”! Whether a seasonal vacation home or permanent residence, all of us participate in this annual purge at some point during the year. Consignment versus donation. When clients move from seasonal homes or when downsizing an estate, they must consider the value of their gently used items and how to best eliminate everything before their move. Some debate whether to send their belongings to family members or pay to have them stored. Considering the cost involved with both shipping and storage, another option is consignment. However, I challenge my clients to instead consider donating their belongings to a non-profit and using it as a tax write-off. Donate for a tax write-off. Receiving a tax deduction for donated items is not only a good financial decision; it is also beneficial for the community. Most non-profits who have resale shops will pick the items up for free and will give the home owner a tax receipt for the value of their donation. For instance, $20,000 worth of furnishings could represent up to $7000 in tax savings. At a consignment shop, the homeowner would be hard pressed to receive any additional savings or benefits, plus they would most likely have to pay tax on the money they made from their sale. Resale within your reach. Non-profits that make a great deal of their annual budget through resale are always within your reach. Check your local chamber of commerce or on-line sites to locate the best charity for you. Many of these charitable organizations have resale/thrifts shops that depend on that revenue in order to offer their services to those less fortunate. When it comes to spring cleaning… I say, when in doubt, toss it out!
Posted by Jim Henderson