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Old 05-19-2008, 11:43 PM
 
43 posts, read 121,732 times
Reputation: 28

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I have the task this summer of clearing out a family estate house. Since the town is small, I think I'm going to have trouble disposing/storing items from this two-story house. We have in mind a dumpster, and maybe a storage unit or a PODS (as some things will be moved out of state). Tag sales are out, the road is too busy with fast traffic and there is no parking space. Salvation Army is a long way off and they are very particular as to what they will accept. Any suggestions for those of you who have been through this? What pitfalls should I avoid? Thanks.
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Old 05-20-2008, 12:40 AM
 
Location: too far from the sea
19,908 posts, read 18,914,045 times
Reputation: 33851
Make sure you know what things are of value. You can either have an antique dealer come to the house and tell you or buy them from you or maybe you are qualified to do it yourself.

You could hold an estate sale in which the people come through the house and the sale is professionally run by someone you hire to do this.

For the things you are getting rid of, one person I know had to get lots of dumpsters and just keep filling them.

I don't know anything about pods but I hauled the good stuff into storage by hiring someone with a truck.

When I helped a Ct friend with this, my job was to determine what was of value and what was not. We went through the house and there was stuff everywhere, even old medicine bottles and ordinary kitchen dishes that were worth something. Lamps, old time noise makers from New Years eve, old games, it went on and on. It can seem overwhelming but good luck!
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Old 05-20-2008, 05:12 AM
 
9 posts, read 25,709 times
Reputation: 11
I had the same task a couple of years ago. As executor of my parent's estate, I knew I would donate many of the everyday household items and furniture I couldn't use from a 4,000 sq ft home. Here are the steps I took (sorry if it seems heavy on detail, but that's just me):

1. I purchased DeductionPro (a product of TaxCut) software and several different colors of Post-It notes.

2. Walked through the house and labeled all cabinets, drawers, furniture, etc. with Post-It notes -- yellow for things to be packed and moved to my brother's home; pink for items for my home. Green for items that would be donated to charity.

3. Another walk-through to inventory the green Post-It items. These are entered in DeductionPro as it automatically tallies the value.

4. I hired a moving company to do the packing and moving. It's a relatively small expense when you consider how much time, frustration and exhaustion it saves.

5. The moving company did a drop-off at a charitable organization. There have got to be other options than the remote Salvation Army.

6. I rented a dumpster, and any remaining items were disposed of and hauled away.

7. Use the DeductionPro for taxes, of course, and use the time you saved to enjoy a glass of champagne!

This really helped me, so much in fact, I had to carryover the deduction in a subsequent year.

The previous poster, in_newengland is absolutely right about determining the value of items. You never know what might be of value, so engage the services of a professional.

For more valuable items that I didn't keep, I had appraisals done for recordkeeping purposes. Certain non-cash charitable donations and those over a certain amount must have written appraisals. Be sure to read IRS regs when you have this kind of responsibility.

Good luck to you!
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Old 05-20-2008, 07:16 AM
 
Location: Connecticut
26,430 posts, read 42,368,983 times
Reputation: 7870
There are companies that do this for you. They will identify any items of value and arrange for their sale. Check local listings for Auction houses and/or consignment shops that do this. Good luck, Jay
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Old 05-20-2008, 09:32 AM
 
43 posts, read 121,732 times
Reputation: 28
Quote:
Originally Posted by in_newengland View Post
Make sure you know what things are of value. You can either have an antique dealer come to the house and tell you or buy them from you or maybe you are qualified to do it yourself.

You could hold an estate sale in which the people come through the house and the sale is professionally run by someone you hire to do this.

For the things you are getting rid of, one person I know had to get lots of dumpsters and just keep filling them.

I don't know anything about pods but I hauled the good stuff into storage by hiring someone with a truck.

When I helped a Ct friend with this, my job was to determine what was of value and what was not. We went through the house and there was stuff everywhere, even old medicine bottles and ordinary kitchen dishes that were worth something. Lamps, old time noise makers from New Years eve, old games, it went on and on. It can seem overwhelming but good luck!
Thanks so much for your input.
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Old 05-20-2008, 09:33 AM
 
43 posts, read 121,732 times
Reputation: 28
Quote:
Originally Posted by JayCT View Post
There are companies that do this for you. They will identify any items of value and arrange for their sale. Check local listings for Auction houses and/or consignment shops that do this. Good luck, Jay
Thank you, any information is a help.
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Old 05-20-2008, 09:34 AM
 
43 posts, read 121,732 times
Reputation: 28
Quote:
Originally Posted by MO2VA View Post
I had the same task a couple of years ago. As executor of my parent's estate, I knew I would donate many of the everyday household items and furniture I couldn't use from a 4,000 sq ft home. Here are the steps I took (sorry if it seems heavy on detail, but that's just me):

1. I purchased DeductionPro (a product of TaxCut) software and several different colors of Post-It notes.

2. Walked through the house and labeled all cabinets, drawers, furniture, etc. with Post-It notes -- yellow for things to be packed and moved to my brother's home; pink for items for my home. Green for items that would be donated to charity.

3. Another walk-through to inventory the green Post-It items. These are entered in DeductionPro as it automatically tallies the value.

4. I hired a moving company to do the packing and moving. It's a relatively small expense when you consider how much time, frustration and exhaustion it saves.

5. The moving company did a drop-off at a charitable organization. There have got to be other options than the remote Salvation Army.

6. I rented a dumpster, and any remaining items were disposed of and hauled away.

7. Use the DeductionPro for taxes, of course, and use the time you saved to enjoy a glass of champagne!

This really helped me, so much in fact, I had to carryover the deduction in a subsequent year.

The previous poster, in_newengland is absolutely right about determining the value of items. You never know what might be of value, so engage the services of a professional.

For more valuable items that I didn't keep, I had appraisals done for recordkeeping purposes. Certain non-cash charitable donations and those over a certain amount must have written appraisals. Be sure to read IRS regs when you have this kind of responsibility.

Good luck to you!
Thank you, I haven't heard of Deduction Pro. I'll look into it (hope it is not an expensive program)
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Old 05-20-2008, 09:55 AM
 
18 posts, read 73,404 times
Reputation: 24
Consider freecycle. This website allows people to post stuff that they are giving away for free. Pick up times are coordinated between giver and taker. The Freecycle Network will direct you to the freecycle group in your area. The goal of freecycle is to keep stuff out of landfills. You'd be surprised what people will take!
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Old 05-20-2008, 01:33 PM
 
9 posts, read 25,709 times
Reputation: 11
Hi, Pat from Southwest.

No, it's not expensive. It's part of the TaxCut program; the premium package is about $69.95 or so and it's downloadable from the website. It's a program developed by H&R Block. The cool thing is that it automatically completes the tax forms you need, produces a PDF formatted file for your records, and is super easy to use. I couldn't live without it. (No, I don't work for H&R Block).

Good luck to you!

Quote:
Originally Posted by Pat from Southwest View Post
Thank you, I haven't heard of Deduction Pro. I'll look into it (hope it is not an expensive program)
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Old 05-21-2008, 11:04 PM
 
43 posts, read 121,732 times
Reputation: 28
Thank you!
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