A Great Tax Write-off
Posted on April 16, 2008 - Filed Under Business, Philosophy |
Here is something to share with the class.
Habitat for Humanity (HH): building homes for the financially challenged. Worthy cause. Another side exists however to this fantastic and altruistic campaign.
Most times: house flippers go into a house, do demolition work, clean up the mess and have a dumpster haul everything away. An easier way may just exist in your area. Considerably cheaper, tax deductible, significantly faster.
ReStore the flip side to HH will come to your project, take everything you are willing to donate, and give you a receipt. Old kitchen cabinets: they’ll take them. Appliances not worth much? They are to ReStore. The previous occupants left behind furniture? Call ReStore.
They will take everything they need, free of charge. From what the gentlemen told me, they will even take it from the walls. Afterwards they give out a receipt for your taxable donation.
ReStore then resells these items to the public at a drastic discount. Wandering around their store, new shower heads were between 50% and 70% off what I paid at Home Depot. Kitchen sinks, bathroom sinks, wall cabinets . . .
The proceeds from ReStore go to support HH.
ReStore seems to be scattered around the US. Oklahoma, Texas, Arizona
The next logical question: could one of my projects be rehabbed using ReStore inventory? Just looking around the store: probably not. If the rehab was a rental unit however I would seriously consider ReStore. When all appliances are 50 to 70% off, new kitchen vanities 80% off
This just landed on my desk last week. If someone out there feels like calling them on their next project, please report back or write a blog entry. Several other people I know have already been contacted and they will try them out.
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4 Responses to “A Great Tax Write-off”
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Hi Clifford–
I have been following your blog; still great as always and some interesting tips and ideas.
A few weeks ago, I wrote to you that I would leave my website, once I started. Today was the first post; I am planning on writing once a day and then who knows, maybe I’ll graduate to Friday’s off
Hope all is lovely.
Alison
http://www.plannedgoals.blogspot.com
Alison’s last blog post..Journey of a Thousand Steps
Thanks for that! I had no idea they were operating here in Tulsa. I have old bathroom vanities from our House 17 and some excess carpet and vinyl flooring they’d probably appreciate. Maybe I’ll try selling them on Craigslist first, though.
Trisha’s last blog post..T-Minus Two Days Until House 2 Is Listed
Allison, yes I remember you. I’ve added your blog to my Google reader and will be paying attention! I tried to leave you a comment this morning. Could you open your comments up, so anyone can leave one? Right now it’s only restricted to OpenID and Blogger folks. You can still approve them, before they appear.
Trisha: actually I thought about you, Seth and Ken when I wrote that piece. I think it’s a great idea to have ReStore do your demo work for you, saving a lot of time and expense. But it’s just an idea to toss out.
But this can be used by anyone who is doing a renovation. From what I understand, home owners can’t deduct upgrade expenses during their current tax year. But a large donation to ReStore would be a write off.
Hi Clifford–
As you like to say, done and done!
I feel so brilliant when I figure out how to manage these things.
Reformed non-techie.
Alison’s last blog post..Planning the Future