You’ve already counted the thought and sent the obligatory thank-you note. But what should you do with the unwanted electric toothbrush or desk trinket you received as a holiday present? That dilemma used to be fraught with guilt, says Tanisha Warner, spokeswoman for , a site run by the financial-advice nonprofit Money Management International. “More and more people are regifting now to save money,” said Warner. “It promotes recycling and can be done thoughtfully year-round.”
When not regifting, some unwanted gifts are so valuable that they could put money in your wallet or help you save on your taxes. So don’t hide the crystal vase until Mom visits. Choose to regift, sell or donate your unwanted holiday acquisitions.
Bottom line
There’s no excuse not to make use of (or profit from) the vegetable chopper Grandmother gave you. Regifting saves money that you would otherwise spend. Selling the gift online or to a pawnshop will put cash in your pocket in the short term; donating a gift to charity, if properly accounted for, can have a significant impact on your taxes.
Regifting
According to a Consumer Reports Shopping Poll, 36 percent of Americans will regift an unwanted present this year. “It’s not a new concept and is losing its stigma during this economy,” Warner said. “The key is to take the new recipient’s tastes and wants into consideration.”
Selling
Charities
Charities will take some of the extra stuff you have lying around your house. Donating unwanted clothing, furniture and tools to charities not only helps others but also helps with lowering your taxes. “A sweater might not have a big impact on your taxes, but donating high-value items raises the stakes,” says Gil Charney, a principal tax analyst at H&R Block’s Tax Institute.
A picture is worth your word: Take photos of donations in case the IRS asks you to prove the worth of your items.
Hospice can use unwanted gifts
Before you toss, pack away or regift that nutcracker shaped like a pink flamingo that Aunt Myrtle sent for Christmas, call Hospice of St. John. The Lakewood-based nonprofit can use it in What Were They Thinking? a program that will spin goofs into greenbacks.
Shannon Clifford, executive director of the Foundation of St. John and the mother of two rambunctious toddlers, came up with the idea after receiving a beautiful, but very fragile, gift of crystal.
She figured there are plenty of others who receive presents that might leave them scratching their heads, but would appeal to someone else. Specifically, bidders at the auctions that are part of the Mad Hatter Tea and other fundraisers that Hospice of St. John conducts throughout the year.
Already, says spokeswoman Sharon Cooper, “We have received paintings, a silver coffee and tea set, an antique typewriter and an ugly sweater.”
Another donor gave a high-quality, very expensive candelabra. When Cooper asked why she’d want to part with it, the woman replied that it was better suited for a home that had an ‘Addams Family’ ambience. “No further explanation was needed,” Cooper said.
Prospective donors are asked to send a photo and description first to alinnertz@hospiceofsaintjohn.org or call 303-790-2020. The only no-nos are live animals or something requiring food or care.
And, Cooper adds, “If you find you miss the ugly or useless gift that you donated, feel free to buy it back.” Joanne Davidson
