New Tax Bill Versus Ebay Versus Swap Meets Versus Garage Sales - Vintage Mustang Forums
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post #1 of 53 (permalink) Old 12-29-2017, 05:35 PM Thread Starter
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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.

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post #2 of 53 (permalink) Old 12-29-2017, 06:07 PM
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My youngest son )30's) does landscapping. Hes in some high end neighborhoods at sun up. He's pick up ton's of good stuff put out to trash. I've prob. made several hundred this past yr. from reselling. It's not steady. It's hit or miss. We'll see what 2018 brings.
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post #3 of 53 (permalink) Old 12-29-2017, 06:28 PM
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My youngest son )30's) does landscapping. Hes in some high end neighborhoods at sun up. He's pick up ton's of good stuff put out to trash. I've prob. made several hundred this past yr. from reselling. It's not steady. It's hit or miss. We'll see what 2018 brings.
Nice trickle down anecdote.
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post #4 of 53 (permalink) Old 12-30-2017, 10:13 AM
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I'm a fixed income Senior. So my Son's trash picking "finds" pay for Mustang parts.
Part of my deal w him is he doesn't have any storage. I do.
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post #5 of 53 (permalink) Old 12-30-2017, 11:40 AM
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If the only reason someone donates to charity is for the deduction, is it really charity?
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post #6 of 53 (permalink) Old 12-30-2017, 01:51 PM
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If the only reason someone donates to charity is for the deduction, is it really charity?

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post #7 of 53 (permalink) Old 12-30-2017, 04:02 PM
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Nice trickle down anecdote.
"trickle down" --I heard that did not work ?

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post #8 of 53 (permalink) Old 12-30-2017, 04:41 PM
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I think people are more likely to just throw stuff out.......

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post #9 of 53 (permalink) Old 12-30-2017, 05:43 PM
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I think people are more likely to just throw stuff out.......
+1 i don't see a lot of wealthy people worrying about garage sales. It's not worth their time. They'll take expensive stuff to a local reseller or consignment shops. The rest will be given to churches or shelter or just tossed.

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post #10 of 53 (permalink) Old 12-30-2017, 06:15 PM
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When I was married to a rich gal, she'd give all types of stuff to the folks who worked at her house, i.e. laundry lady, house keepers, yard guys, painter, et al.

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post #11 of 53 (permalink) Old 12-30-2017, 08:31 PM
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I just took the write off without donating. They never questioned it up to a certain dollar amount.

I do not think it will change any of it as folks to don't think that far in advance, they either don't care and will toss it or feel bad and drive it to the goodwill. Depending on the day and mood, i do both of those.
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post #12 of 53 (permalink) Old 12-30-2017, 08:32 PM
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If the only reason someone donates to charity is for the deduction, is it really charity?
Whatever you want to call it, there's going to be a lot less of it now.


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post #13 of 53 (permalink) Old 12-31-2017, 06:52 AM
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If the only reason someone donates to charity is for the deduction, is it really charity?
I donate to the Salvation Army only. Goodwill IMO, is a ripoff, almost none of the items in a GW store go to the needy, they are all for sale. I don't itemize, just take the standard deduction on my taxes so yes it is charity.
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post #14 of 53 (permalink) Old 12-31-2017, 08:26 AM
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I'm a fixed income Senior. So my Son's trash picking "finds" pay for Mustang parts.
Part of my deal w him is he doesn't have any storage. I do.
If your on SS and sell on the bay or use paypal for any pass thru money if you go over $20,000 it's reported as income on a 1099 I think that's the number I'll need to find a past year one.


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post #15 of 53 (permalink) Old 12-31-2017, 08:41 AM
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I donate to a local charity for the mentally disabled called Rainer School it's run by the state 100% of the money goes for field trips, new clothes etc. I just dropped off new in the 1 Nuwave Air Fryer, 2 Insta Pots, Dyson DC33 pet vacuum Bose speaker system and a few other things. We're buying new furniture next fall we will donate all of it 4 year old couch, loveseat, chair & tables to them. We've also donated to a battered women's shelter a complete bedroom set.

I've done a lot of research on charities pick them wisely there are ones that really need help, including food banks. I also give money to folks on street corners or freeway ramps I don't care why they're there or what they spend it on if it were me desperate enough to beg I'd hope someone would help.

We will continue to donate I don't care about the write off.


Bob
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