Storage Junk Rooms
We all have them, that extra room that turns into a storage room. They’re appropriately called the junk room, and house everything from unused exercise equipment to out of season clothing.
It never fails, the more storage space you have, the more junk you accumulate – so you need to get rid of the junk room.
The more you put it off, the worse it will get. Try these solutions for getting rid of those unwanted items, you may make a little money in the process!
Yard sales can turn your trash to cash. They’re best for common household items and your only cost is the price of an advertisement. Don’t expect to get top dollar for your treasured trash, people go to yard sales for bargains.
If you have anything particularly interesting to sell, make sure to mention it in your ad. That exercise bike that’s been holding winter coats may have a buyer scanning the classifieds looking for one.
For more upscale and unusual items, consider an auction to make the most of your unwanted items. Use an auction for antique furniture or collections that the yard sale bargain hunters will bypass.
Every town has at least one consignment shop. Some shops specialize only in clothing, others offer household goods as well, and larger stores take furniture.
Make sure any clothing your planning to consign is in good condition. Check with the consignment shop on procedures, most require an appointment. When you call, also ask what type of clothing they’re accepting. Clothing is usually accepted a month or two before the actual season starts, so they won’t take your summer clothes in the Fall.
Expect to pay approximately 50% - 70% of the selling price as a consignment fee. Find out in advance how much your consignment shop charges.
Last, but not least, consider donating those unwanted items to the Goodwill, Salvation Army or another charity. Most hospitals and many other organizations have shops that accept donations so they can resell the item. Ask for a receipt so you can claim a tax deduction.
The IRS guidelines for 2009 for property donations are (source: www.irs.gov):
For individuals, only taxpayers who itemize their deductions on Form 1040 Schedule A can claim deductions for charitable contributions.
For all donations of property, including clothing and household items, get from the charity, a receipt that includes the name of the charity, date of the contribution, and a reasonably-detailed description of the donated property. If a donation is left at a charity’s unattended drop site, keep a written record of the donation that includes this information, as well as the fair market value of the property at the time of the donation and the method used to determine that value.
To be deductible, clothing and household items donated to charity must be in good used condition or better. Household items include furniture, furnishings, electronics, appliances, and linens.
Check the IRS website, www.irs.gov for more information, they have searchable publications to help you.
Take that junk room and clean it out, you can use the room for a dedicated home gym, a home theatre or a home office. Once you fall into the junk room trap, it's difficult to dig your way out of the clutter.