Tax Deduction

Hello, all:

I've been surprised by the lack of success I've found on Still White and similar sites given the pricing and condition of my gown, and I happen to be on a timeline to move.
Despite the estimators of sites like these, which suggested my brand new gown would be worth about 60% of its original price, it doesn't seem that the resale market will actually bear anything close those valuations, which is the true value of anything, afterall.
It was brought to my attention that, should I donate the dress to charity before the end of the year, it would likely be worth more to me as a tax deduction than the price for which I can legitimately sell it. (Note: I'm in the U.S.)
It hadn't even occurred to me, so I thought I'd share in case anyone else found it a useful idea.

3 Responses

If you only file a form 1040-EZ, you don't get to itemize deductions like that though. (I ran into this difficulty when trying to sell my car on a timeline, and I looked into donating it).

That is true, and worth mentioning ahead just in case someone doesn't realize that at the time of donation.
Still, just a heads up for consideration. Lots of 1099's looking for those final line items, no doubt. :) I have my dress listed at about 12% of its tag, absolutely brand new from the designer, and in a common size. So far, all inquiries have been for an even LOWER price. If I had a gown that had originally been in the five figures, it would likely save me *much* more as a deduction than I could sell it for second hand.
Moreover, for my case, we have a local charity here that uses fabric from donated wedding gowns to make formal clothes to donate to families grieving the loss of a child and struggling to meet those expenses. If I have to give it away, at least I'll know that some deeply needed good was met by it.

Hi Renee

Most online valuation tools use a basic formula to determine the resales value. Instead check out our Sold page at www.stillwhite.co.uk/sold and filter by Demetrios. This will show actual recent sales by real brides, including the selling price and time it took to sell of dresses similar to yours.

Regards
Bruno

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