How Much Do I Charge for Yard Sale Items
Determine the Used Value of Yard Sale Items
The standard rule for pricing yard sale items is that the price should be approximately 10 to 20 percent of how much the item sells for new in a store. The first place to start is by looking up the price of a new item online at a variety of retail websites. Once you have the price of a new item, you can simply calculate 10 to 20 percent of it and set the price of the yard sale item at that number. There are some great yard sale pricing lists to get you started that include various items from clothing, electronics, DVDs, CDs and books.
If you have a unique item that is no longer sold in stores, such as an antique, visit online auctions sites to see how much they are selling the item or similar items, for and set the price in that range.
When and How to Report Yard Sale Income to the IRS
The majority of people who have yard sales are not required to report the income to the Internal Revenue Service on their income taxes. The IRS waives taxes on yard sale items because they are occasional income and sellers receive less income for the item than they originally paid for it.
One exception to the rule is if you sell an item for more than you paid for it originally. For example, if you purchase a painting for $30 and then sell it for $3000, the difference in the price is considered capital gains and you must report it. Another exception is if you hold yard sales on a regular basis it becomes akin to running a small business. Although there is no clear income line for yard sale proceeds with the IRS, if the yard sale income begins to approach 30 to 40 percent of your annual income, you should start reporting it to be on the safe side. If you fall into the small category of people that must report yard sale income, you do so on a standard 1040, Schedule C.
Setting pricing for yard sale items is one of the most important steps since the goal is to get as much money as possible. So stop asking yourself "How much do I charge for yard sale items?", and use these tips to have a profitable yard sale, while still giving your buyers a good deal.
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