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Whether it’s a tacky sweater from a relative or a useless knickknack from a co-worker, it doesn’t have to go to waste. Unwanted gifts can be turned into everything from karma to cash.
Here are six options…
- Exchange it. Unwanted gift cards can be traded in for more useful gift cards – and even for cash. Check out 4 Top Sites for Selling Unwanted Gift Cards to learn your options.
- Return it. Stores like Kohl’s and Walmart accept returns even without a receipt. Both issue store credit, although Walmart issues cash for items under $25. Other stores may do the same, especially right after the holidays – just call and ask.
- Sell it. The Internet offers your best options here. Start with 5 Places to Turn Spring Cleaning Clutter Into Cash or 5 Best Websites for Turning Junk Into Cash.
- Re-gift it. Follow The 9 Rules of Regifting for a successful handoff.
- Donate it. If you donate your unwanted gift to a qualified charity (see IRS Publication 78) and get a receipt, you can deduct the donation at tax time. For a list of items that qualify for this tax break, check the “Contributions of Property” section of IRS Publication 526.
- Pass it on. If even taking a tax write-off seems like too much work, trade in your unwanted gift for some good karma by passing it on to someone who would appreciate it. If you can’t think of a worthy recipient, try a service like Freecycle, which connects owners of unwanted stuff to people who want said stuff for free.