Selling Stuff Online: How to Find Extra Cash in Your Closet

Want some extra cash or more space in your home? Sell your stuff online. If you’ve recently done some impulse shopping, changed your style, or want to update your wardrobe, you could find a gold mine in your closet.

Right. But can’t I just throw that stuff out?

You could, but selling unused or unwanted items is kinder on the planet — and your budget. Donating to organizations or thrift stores can also be an opportunity to give back to your community and you can earn a tax deduction while you’re at it, but more on that later.

So where should I sell? Amazon? eBay?

Yes, online marketplaces like Amazon and eBay are great resources for selling just about anything — from clothes to coffee tables. There are a few other sites to consider too:

• Facebook Marketplace. Use your network to make some cash. Sell apparel, furniture, accessories, and more. Skip the hassle (and cost) of shipping by asking local buyers to pick up their purchases.

• OfferUp. Since merging with selling app letgo, OfferUp prides itself on being one of the simplest reselling apps and claims that you can start selling your items just one minute after downloading. Listings vary from pet supplies to sporting goods and everything in between. OfferUp does charge a service fee for shipped items: either a minimum of $1.99, or 12.9% of the sale price.

• Poshmark. Poshmark is best known for clothing sales, but you can list other items too, like fashion accessories and beauty products. You can list and sell items straight from your phone or the desktop site. As the seller, you keep 80% of the sales price for items over $15. Poshmark charges a flat $2.95 fee for sales under $15.

• The RealReal. Who said your designer bags weren’t a good investment? The RealReal is a members-only luxury consignment site where you can resell gently-loved watches, handbags, fashion, and jewelry. After sending in or dropping off your items in store, The RealReal’s experts decide which items they’ll accept and how to price them. Your cut of the sales depends on several different factors. You can check out their commission guide for more deets.

• Depop. If you’re looking to purchase a trendy handmade top or sell your vintage boots online, look no further than Depop. Most users on this resell app are Gen-Zers. You list the items yourself, and the platform takes a 10% cut in addition to the transaction fee (which is slightly more than 3%). You can either pay for shipping or have the buyer pay. Hint: Your items are more likely to sell if you offer free shipping.

What about donating?

If the resale value of your items isn’t worthwhile, donating is a solid option with potential tax benefits. If you itemize, you can deduct the value of donated items from your taxes. Just make sure the recipient is a qualified organization (think: nonprofit) and be ready to show receipts if the value exceeds $250. You can estimate the value of your goods with a chart like this one from Goodwill.

I’ve sold my stuff. Now what?

Unless you plan to replace certain items you sold, take a breather before going on a shopping spree with your earnings. An extra $100 can go a long way toward other financial goals. Consider investing it or dropping it into a sinking fund if you have a big expense (like a medical procedure, new tires, or pet needs) coming up.

theSkimm

Selling your stuff online takes time and effort, but can be worth it for the extra space in your closet and cash in your wallet. Plus, finding ways to give your goods a new home can keep them out of a landfill a little longer. Win-win-win.