Donating vs trading

[JeepGirl]

So......I'm in purge mode. Over the years I've been a proficient trader and have totally enjoyed that option...I know trading has given me the opportunity to try new DVD's and saved me $$ and I've made some great trade buddies in the process. I have a large crate full of barely used DVD's that I'm either going to trade or donate. The thought of listing, packing, and sending them off is a bit daunting to me right now, and I don't have much of a wish list currently. I've listed quite a few on VF Roost and sold some. So....I'm wondering if I donated them and took a tax deduction instead of selling them, if it would be a wash financially. Any thoughts?

[kelsey211]

Originally Posted by JeepGirl

So......I'm in purge mode. Over the years I've been a proficient trader and have totally enjoyed that option...I know trading has given me the opportunity to try new DVD's and saved me $$ and I've made some great trade buddies in the process. I have a large crate full of barely used DVD's that I'm either going to trade or donate. The thought of listing, packing, and sending them off is a bit daunting to me right now, and I don't have much of a wish list currently. I've listed quite a few on VF Roost and sold some. So....I'm wondering if I donated them and took a tax deduction instead of selling them, if it would be a wash financially. Any thoughts?

It depends on your tax bracket and I assume you are already itemizing on your tax return. To get an idea of your tax savings take the amount of the charitable deduction and multiply it by your marginal (top) tax bracket and that should approximate your Federal tax savings. Do the same for the State if your state have an income tax. For information on how to place a value on your donation, this IRS pamphlet is helpful. Page 7 addresses donations of property.

http://www.irs.gov/pub/irs-pdf/p526.pdf

[mtnmom]

If you file via TurboTax, they have an online "It's Deductable" website that is very useful. https://turbotax.intuit.com/personal...itsdeductible/

I just had a look to see what it values DVDs at and it's $4 for "high value" and $2.50 for "medium value".

[Pat58]

My library gladly accepts my used DVDs and I get a receipt showing how many books and DVDs I donated. When I do my taxes, my tax software walks me through all the donations and they have standard deductions for DVDs in good condition, fair, etc.

[violingal3]

Sorry - what's VF Roost?

[Jags]

Originally Posted by violingal3

Sorry - what's VF Roost?

It is a newly formed Facebook page for VF members to buy,sell, trade fitness dvds, equipment, and books.

http://forum.videofitness.com/showth...ighlight=Roost

[ETA: After the above thread was started the group was made "secret". To join you need to PM, here at VF, Sherri, "Sbh" or myself an email address, and we can send you an invitation to join. ]

[beyond.omega]

I recently did a purge-lite of my workout DVDs and just decided to put them up on the Share The Wealth thread. I tried selling/trading for about a day, but then I realized I really just wanted them out, and in a good home. I guess I could have tried to sell them, but at the time it was more important to me to get my house cleaned out, so any money I could have made was secondary to that priority.

I guess for you it would depend on how much of a deduction you would get...

[dnna]

Trading has slowed down with people using streaming and sase are difficult- people have sent me penny stamps- not even enough to cover the postage and mailer- and it does take a while, I donate to various sites so that I can have multiple deductions. I think it is a 500 dollar limit at
goodwill without have to do a long itemized list.
good luck, sometimes you just want to clean them out with the least resistance and boom! gone!

[TinierTina]

Something to be said for the taste of the people who may have donated DVDs to my public library. Thank you! It works!! I am a recipient of your Largesse (though I make sure to choose my libraries wisely. Go hyper-local, and the fitness DVDs are damaged and nearly unplayable ...)

And streaming is a possibility, and downloading give me fewest problems, but I love taking DVDs out of the library. Since the year 2012.

Lack of space/apartments not big here/expensive city; and lack of nice salary ...

[JeepGirl]

Thanks for all the responses! I may just drop them all off at Goodwill and take the deduction. It kills me knowing what I paid for them.....ah the life of a vidiot!