For Sale: Jansport Rainier external frame pack

I traded my roommate a skateboard deck for this pack, which he had only used once or twice since he got it for christmas a few years ago. Since then, it has yet to be used for any backpacking, only for transporting my dirty clothes to my grandparents' house so I don't have to take the laundry basket (I'm in college and need the free laundry). It is simply too large for my short frame, and I already have an internal and another external that both work much better for me. The pack is a large, and looks great. I will post some pictures on flickr soon. I will ship as long as you pay for shipping. Contact me with any questions and offers. Highest offer gets it.

$20?

throw it on Ebay - you can snag at least $50 for it, but i'd hold off until April. I tend to buy in off season and sell right before peak hiking season.... its an easy way to swap out your old gear and try newer gear without paying full price - and if you don't like it - sell it before the hiking season kicks in

$20 sounds like a fair offer.

Heck, you can get a brand new Jansport Big Bear internal frame backpack (5000 CI capacity) at REI for $49.95.

But....what I would do is... give it to a charitable organization and write it off on income tax as a $100 donation. Everybody wins, no-one has to package it and go to the shipping store

Your tax write off is limited to its fair market value. For donated household items you'll get a write off equal to thrift store prices which will be much less than $100. Tips from your friendly CPA.

Loop holes man, loop holes!

I'm just joking here of course(????), but, if he donated it thru me, he would receive an official thank you letter for the donation of an item that has a FMV of $100.00

(A 501(c)(7) tax –exempt Non-Profit Organization with a taxpayer identification number)

Your receipt would not likely stand up to the scrutiny of a good IRS examiner. I always feel like the grim reaper. Death and taxation.

why not?

I'm not trying to argue with you, just would like to know for my own edification (and possibly keep me off the hot seat).

Every year, I get stuff (watersports equipment) donated to my annual boat owners event. all donors ask in return is a donation receipt showing the fmv.

In fact, the receipt was created by another one of my friendly CPA's

The issue is the fair market value of the item being donated. For used personal items (new with tags would be different) the IRS view of fair market value is the price the item will fetch at a thrift store. It is up to the taxpayer, not the charity, to prove a fair market value beyond a thrift store price. The charity has no incentive to list a real number but has every incentive to inflate these numbers.

This is the same reason the IRS tightened up the used car donation to charities. You used to be able to donate a used car to charity and write off the blue book value. However everybody was donating beaters worth less than book value (a certain Mazda 323 owned by someone I know comes to mind) and taking the higher deduction. Now your deduction is limited to what the charity ultimately sells the car for after it's been donated. This number will likely always be below blue book value.

Lets go back to the used backpack example. Thrift store value is $10, at least in Minneapolis. The taxpayer has to prove the value is something greater than that if he wants to take a larger deduction. A good IRS examiner (not all of them are good) won't accept the value provided by a charity unless the charity has a means of substantiating the value. Most charities do not have this means and the IRS agent won't accept "Bob at the Duck's Unlimited banquet said this should be worth $100" as the value.

In today's world the best means to determine fair market value may to look up a series of completed ebay auctions for the item donated. Ebay is at least a broad market place for used items. Looking up a Jansport Rainier, I found one with a closing price of $20.50 and a shipping price of $21.60 for a total of $42.10. You may wish to find two or three more closed auctions and average the ending prices.

At the end of the day, the taxpayer has to be able to substantiate the value and a charity is not in the position to do this as the charity will not be deemed an expert in valuing used household merchandise.