Overcast64° WeatherOvercast64° Weather

Gift that keeps on giving

Gift that keeps on giving

Washington Post

What should you do with the unwanted electric toothbrush or desk trinket you received as a gift? That dilemma used to be fraught with guilt, says Tanisha Warner, spokeswoman for Regiftable.com, a site run by the financial-advice nonprofit Money Management International. "More and more people are regifting now to save money," said Warner. "It promotes recycling and can be done thoughtfully year-round." When not regifting, some unwanted gifts are so valuable that they could put money in your wallet or help you save on your taxes. So choose to regift, sell or donate your unwanted acquisitions.

Regifting

According to a Consumer Reports Shopping Poll, 36 percent of Americans will regift an unwanted present this year. "It's not a new concept and is losing its stigma during this economy," Warner said. "The key is to take the new recipient's tastes and wants into consideration."

Keep it sealed: Too many people regift half-used bottles of perfume. Prevent this faux pas by keeping gifts in original packaging.

Wrap with new paper: If you're lazy, you'll end up giving Susan a box that reads "To Margaret, with love." Rewrapping the present in new paper forces you to examine it for old cards. Warner says leaving evidence is the most common mistake people make when regifting.

Beware of the social network: Don't regift in the same circle of friends. If the friend who gave you a hideous jacket sees your mutual friend wearing it, it's bound to come up in conversation — and both friends will feel slighted.

Selling

eBay: New sellers often have a tough time competing for buyers on eBay, but now you can list up to 50 items a month free, paying commission only if the item sells. To help get you started, eBay has user-friendly guides.

SOCExchange: Similar to eBay, SOCexchange.com is a newly launched online auction site popular in Australia. It charges a flat 2 percent commission rate and caps commissions at $10 for all products you list. It's taking no commission on items listed before Jan. 31, benefiting one-time sellers who want to get rid of gifts.

Pawnshops: So your husband has terrible taste in jewelry. If you're not going to wear it, why not exchange or sell it for cash at a pawnshop? Larger electronic items also make for great bartering chips, so make a trade for something you need or want. Before selling, however, be sure to check around and visit more than one pawnshop to find the best price for your item.

Charities

Charities will take some of the extra stuff you have lying around your house. Donating unwanted clothing, furniture and tools to charities not only helps others but also helps with lowering your taxes. "A sweater might not have a big impact on your taxes, but donating high-value items raises the stakes," says Gil Charney, a principal tax analyst at H&R Block's Tax Institute.

Know your charity: Make sure you're donating to an organization that has tax-exempt status with the Internal Revenue Service. For a complete list of where and what to donate, visit charitychoices.com.

Know your worth: The IRS allows you to deduct the fair-market value (or actual worth) of an item. Follow its guidelines and remember that if the item isn't new, it depreciates.

Get a receipt: When was the item bought and how much did it cost? If you didn't receive a receipt with a big-ticket gift, Charney recommends going to the store and taking a photo of the price tag. You'll need to attach the price when doing your tax return.

A picture is worth your word: Take photos of donations in case the IRS asks you to prove the worth of your items.

Gift that keeps on giving

Gift that keeps on giving 03/10/12 [Last modified: Saturday, March 10, 2012 3:31am]

Copyright: For copyright information, please check with the distributor of this item, Washington Post.
    

Join the discussion: Click to view comments, add yours

Loading...