Charity Donation List: Destock & Track Charitable Giving Tax Deductions | My Move

Charity Donation List: Destock & Track Charitable Giving Tax Deductions

Author: Britt Reints

Moving day is approaching quickly and you've made a list of what to do, who to call, which services to turn on and off, and what to pack. Have you also made a list of what not to pack? A destock list can save you time when moving and money come tax time. It may also save you a little room in your new home.

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Why Destock? (And What Is Destocking?)

Destocking refers to the process of deciding what things you will not take with you when you move. Instead of packing up items you no longer use, paying to move them across town or farther, and then taking the time to unpack and find places for those items in your new home, destocking is an opportunity to pass those things on to others or make a charity donation. After all, just because you don't want it, doesn't mean it might not be exactly what someone else needs!

 

Destocking Benefits:

  • You: You can save time, space and money by not moving what you don't use. You may also enjoy tax deductions for donations if you give unwanted items to charity.
  • Community Charities: Organizations like Goodwill, the Salvation Army and many other reputable charities turn donations into opportunities and resources for people in your community.
  • The New Owner: When you donate your gently used items to charity, they are usually resold to the public, giving people a chance to purchase things they want or need at a fraction of the price they would pay for a brand new item.

It's a win-win-win!

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What Can You Add to Your Charity Donation List?

Everything from the gently used toys your kids have outgrown to an old washing machine you're planning to upgrade can be donated through reputable charities. If it's clean and in working order, you can likely find a home for it. Even if you think an item isn't practical for resale in a thrift store, local shelters can use donations of towels and toiletries.

Consider destocking an item if:

  • It hasn't been worn or used in a year.
  • It's clean (or can easily be cleaned) and in working order.
  • You're planning to replace it with a newer model soon (save on the cost of moving large appliances and furniture you don't plan to keep for long anyway!)
  • You won't have room for it in your new home.
  • You will no longer be using it after your move (a snow blower, for instance, might not be useful if you're moving from Iowa to Florida!)

By destocking, you can free up space in your kitchen, bedrooms, garage, basement, attic, backyard, shelves, closets and bathroom cabinets. With so many places where unused items may be hiding, it can be overwhelming to keep track of everything you want to destock. A destocking list can help you organize the process.

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Use our charity donation list spreadsheet to go through each room in your house, making note of what can be donated and which charity would be the best match for your items. A destocking list is a good way to jog your memory about items you haven't used in a while—items that are perfect for destocking but that you might easily forget about. This list can also help you keep a running total of the estimated value of your donation to each charity, which can be valuable at tax time. Once you've made your list, you'll be prepared to make calls to arrange pick-ups or gather supplies to box up items and drop them off on your own.

Illustration by Kena Ravel