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Garage sale — and tax, permit — time

June 20, 2011

Garagesale_small My neighborhood’s spring garage sale was last month. It seemed to go well. And by well, I mean that none of our neighbors put out anything to sell so the hubby and I were spared the early morning hubbub of junk browsers.

But summer is a prime time to clean out closets and garages and wherever else you stash stuff that you don’t use and try to make a few bucks.

Jean Murray looks at this annual (or more often) ritual in a recent About.com U.S. Business Law/Taxes article. I am pleased she cited my discussion of capital gains and selling items for less than you paid.

The bottom line is that you won’t owe Uncle Sam anything for the cash you pick up at your garage sale.

But as Jean notes, be sure to check with your local and state officials as to whether you need permits or must collect and pay sales taxes on any used items you unload.

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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