Everyone has some things in their home that they no longer use. An old sofa, a wardrobe, crockery, a bicycle or a table. An option may be to donate the items to the thrift store. How does that work? Where do the proceeds from the thrift store go? An additional advantage of donating items to the thrift store is that they are tax deductible.
What is a Thrift Store?
A thrift store is an organization that is committed to promoting the reuse of goods. Thrift stores vary in size. Some are as big as department stores. You will find everything there: household goods, furniture, books, electronics, toys, clothing and much more. In big cities, thrift stores are often large and specialized, with multiple locations.
Thrift store: foundation or company
A thrift store can be a foundation; this is a non-profit organization. However, a thrift store can also be a business with a commercial purpose: making a profit.
Proceeds from the thrift store
A thrift company collects items that are still usable, selects, repairs and then sells the goods in a thrift store. But what actually happens with the proceeds from a thrift store? The proceeds from the goods sold are used to combat costs, generate employment and improve the environment . Because the goods are reused, the environment is burdened as little as possible. Some thrift stores donate to social projects, local or national.
Donate items to the thrift store
You can donate old items to a thrift store. You can call a branch nearby to make an appointment. The goods will then be collected free of charge. Of course you can also bring them on your own initiative. If you donate items, there will be no compensation. You can give anything that is still usable to the Thrift Store. This may include furniture, clothing, equipment, books, household goods, tools and so on. So you cannot sell your stuff to the thrift store.
Stuff thrift store is tax deductible
Of course, this will not be your first motive for donating items to the thrift store. But it is a nice bonus that you can deduct the goods that you make available to the thrift store from the tax. If you hand in a sofa to the thrift store, you can deduct the amount for which it is sold as a gift from your tax. However, the thrift store must be classified as a Public Benefit Organization (ANBI) by the Tax Authorities.