sell vs donate

[redrhodie]

I'm thinking of selling or donating my 2004 Specialized Dolce Sport. I think I can sell it for $300-$400. It's in perfect condition, with a brand new Shimano compact double crankset (<10 miles). Does anyone know what the charitable value of this would be if I were to donate it instead?

[pinkychique]

This may be a help :http://www.hrblock.ca/resources/donations.asp

I'm not sure what you would get tax break wise, but donating it to support a LBS kids team would feel good anyways :)

[OakLeaf]

Your tax deduction is the fair market value of the item. Whatever you could sell it for on the open market, that's what you get to deduct. The safest thing in case of a potential audit is to do all the research you would do before you put it up for sale (checking local ads, eBay auctions, asking your LBS etc.) and document all that contemporaneously.

If you're even in a tax bracket to bother thinking about donating it, IMO it's worth it to avoid the hassle of selling it.

[Mr. Bloom]

I'd sell it and give the money to charity. There's no confusion and risk.

As a board member of a couple of charitable organizations, I can tell you that cash is generally the preferred choice.

[Kalidurga]

Too bad you don't live in the DC area, you could give it to Bikes for the World (http://www.bikesfortheworld.org/). That's where my old bike went.