New Tax Bill Versus Ebay Versus Swap Meets Versus Garage Sales
I was having a discussion with a friend of mine who makes his living, for lack of a better term, scrounging around in the garage sale/flea market/ebay world.
Not too bad, as he pulls in 100K plus a year, based on many years of recognizing values.
He is positively SALIVATING over the new tax bill, as it applies to itemized deductions, and the 24K standard deduction. He believes that tons of people will no longer donate stuff to charity, as it will not be tax deductible, and will instead try to garage sale or flea market/swap meet it instead.
He has already seen 1 of the local charities buried in stuff, and he has pulled out some really nice things that were donated, put on the shelf for a pittance, as they do not have time or space to sort and research stuff right now. He also is waiting for the garage sale season to kick in, thinking that the more affluent, his definition is 50K to 500K a year, will garage sale stuff, but not wealthy enough to hit the new deduction, so they "good stuff" will be out there, but, that THOSE people typically do not have the patience to sit around for hours, and stuff will go cheap, or other things that they believe are worth $10 are actually a $500 item that before, they had donated and taken a $10 deduction, and the charity reaped the benefit, if they figured it out.
He believes a lot of stuff will hit ebay, again, some woefully underpriced, and he is loaded for bear. I am amazed the stuff he buys on ebay, turns it right back around, and sells it for 10x what he paid for it.
ed ay +3112
1968 GT500 Arrest Me Red (The Big Boy Toy)
1966 K Code Vert (The K 'Vert)