Most people will no longer be able to claim tax deductions for their gifts.
CLEVELAND — It all comes down to the increase in the Standard deduction. For individuals, it doubled from $6,000 to $12,000. For married couples filing jointly, it doubled to $24,000.
That means itemizing tax deductions, like charitable donations, no longer makes sense for many people. All of the deductions they used to take when they itemized their taxes will likely be less than what they’d get if they take the Standard deduction. So now, they don’t get a benefit from giving.
For your old electronics, DVDs, books and games, there’s Decluttr. You can search for the item you want to sell on its website, or scan the bar code. Tell them the condition the item is in, then get an instant offer. Once they get the items, they say they’ll pay you the next day.
Want to clean up your closet? You can turn to threadUP, an online consignment and thrift store. They’ll send a bag for you to stuff with your items. You don’t even have to wait for them to sell.
“They’re very clear about what brands they prefer, what brands they accept. And you just send that whole bag back to them and they’ll let you know how much it’s worth and pay you out,” Smart Shopping expert Trae Bodge said.
Finally for jewelry, Worthy is worth a look. You can send them one piece, or your whole jewelry box and they’ll tell you what they can sell it for.
Bodge says she likes it because, “They’ll walk you through the whole process on opening up a digital auction to get the best price for your fine jewelry.”
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