Regift for charity and other year-end donations

by Kim   |   December 29, 2008

Once the gifts were all opened, right in the middle of holiday thankfulness, you may have experienced a twinge: "Where am I going to put all this stuff?" Or perhaps certain items made you want to say, "You shouldn't have." With more stuff coming in the door during the holidays, it's only natural that in the aftermath you should evaluate your belongings, deciding what to make room for and what simply isn't useful.

For the gifts that you can't use and don't want to store for your own regifting purchases, consider regifting for charity. If you want to hang on the gifts but get rid of their older versions, consider donating items with some use left in them to a local thrift store.  According to one Salvation Army store manager, donations tend to increase after Christmas because of this "out with the old, in with the new" mindset.  Remember to save the receipt so you can write off the donation on your taxes. Consult the IRS guide for the fair market value of your donations.