How to Make Money on Old Stuff

As the saying goes, one man's trash is another's treasure. If the garage is full, the bookcase overloaded and the closet is a mess, it's time to clean out and de-clutter. But instead of trashing all those old clothes, books, furniture and junk, make money on it instead.

Difficulty: Moderately Easy

Instructions

1. Have a garage sale. Also known as tag sales or yard sales, a garage sale is a quick and easy way to turn trash into cash. Sort through the closet, garage, attic and basement for items. Price the items low, clean and display them well, and advertise. Be ready for a steady stream of customers looking for a bargain.

2. Post on online community boards. Internet websites, such as Craig'slist, offer classified sales of all types of stuff. Sell household items, art, yard equipment, books, music; everything can be sold. Posting an ad is free.

3. Sell through retail websites. Companies, such as Amazon.com, have a marketplace for people to sell items. The company will keep a commission, but registering and posting is usually free.

4. Auction that junk. Online auctions have become an Internet phenomenon. Companies, such as eBay, hold thousands of auctions each day for items big and small. Auctions usually last a week or longer, and sellers can require a minimum bid.

5. Use consignment shops. For vintage clothing, furniture or accessories, consignment shops may be the best way to make money on old stuff. The consignment shop displays the item; when it sells, the owner gets a share of the price.

6. Donate to charity. Many non-profit charities, such as Goodwill or Salvation Army, operate re-sale shops. Donations of clothes, household items, furniture, cars, or other items are tax deductible on income tax returns. By donating, you can save money at tax time.

Tips & Warnings

• Run a good garage sale by being able to make change when necessary. Be willing to haggle on prices if necessary. At the end of the sale, donate the goods to a non-profit.
• Whether in a classified ad, in an auction or in a marketplace, items sell faster and for more money if in good condition. Clean, polish and replace missing parts in order to get the best price.
• Always check with a charity regarding their tax status as a non-profit and rules for issuing donation slips. The Internal Revenue Service will require a donation slip from the non-profit as proof of donation. Contact a tax professional or the IRS for additional information.