What to Sell When You Need Money: Things Around Your House

Items around your home can provide funds when financial needs arise. This guide helps identify items for sale, outlining steps for efficient preparation and selling. This process transforms unused belongings into financial resources, maximizing return and streamlining selling experience.

Common Items to Sell

Many households contain items convertible to cash. Electronics like old smartphones, laptops, gaming consoles, and digital cameras are sought after. Older models can fetch a reasonable price if in good working condition.

Clothing and accessories, especially designer brands, unworn items, or vintage pieces, hold considerable resale value. High-quality shoes, handbags, and jewelry, including costume jewelry, are marketable. Jewelry and precious metals, even broken gold or silver, can be sold for material value after hallmark identification.

Collectibles and antiques, such as coins, stamps, comic books, vintage toys, or unique art, attract specialized buyers. Their rarity and condition often determine market price.

Household goods and furniture, particularly small appliances, decorative items, unused kitchenware, and easily transportable pieces, find ready buyers. Unused or partially used gift cards for popular retailers are another valuable asset, sold for a percentage of their face value.

Preparing Items for Sale

Once potential items are identified, proper preparation enhances their appeal and selling price. Cleaning items thoroughly is important, as dirt or dust can reduce value. For clothing, washing, steaming, and removing pills refreshes the garment. Simple repairs improve condition.

High-quality photography is important for accurate assessment. Take clear, well-lit photos from multiple angles, using natural light. Multiple shots showing details, labels, or unique features are beneficial. Transparently photograph flaws or wear to set realistic expectations.

Crafting an accurate description is important, providing details beyond photos. Include the item’s brand, model, condition, dimensions, and distinctive features. Descriptions should be scannable, using bullet points and clear language. Researching the item’s value by checking similar “sold” listings helps set a competitive price.

Selling Your Items

After preparing items, select the appropriate selling channel. Online marketplaces offer broad reach, connecting sellers with a vast audience. Platforms like eBay provide options for auction-style or fixed-price listings, reaching millions of buyers.

Facebook Marketplace is popular for local sales, integrating with social profiles, often without listing fees. Specialized platforms exist for categories like fashion (Poshmark) or electronics (Swappa). These platforms typically have processes for listing, interacting with buyers, and managing payments; some may charge fees.

Local selling options include garage sales, allowing multiple items to be sold at once. Consignment shops offer an alternative, selling items on your behalf for a percentage. Pawn shops provide immediate cash for items, often at a lower valuation. Local buy/sell groups on social media or dedicated apps facilitate community transactions. These methods often involve in-person meetings for item exchange and payment, using cash or direct payment apps.

Understanding the tax implications of selling personal property is important. Generally, if a personal use item is sold for less than its original purchase price, any loss is not deductible, and the sale does not generate taxable income. However, if a personal item is sold for more than its original cost, the profit is considered a capital gain and may be subject to taxation.

Online payment platforms and marketplaces may issue Form 1099-K to sellers if gross payments exceed certain thresholds. For the 2024 tax year, this threshold is $5,000, and for 2025, it is $2,500. Keeping records of the original cost and selling expenses for each item is necessary for accurate tax reporting, especially if a Form 1099-K is received.