Buy New, Get Most Out of Old
Hey Tundra!
I think that the new bike makes more sense than refurbishing the old bike. And I'm very averse to spending money unnecessarily.
Here's what to do:
- calculate the net return on refurbing the bike and selling in your local market in August
- determine what you can get "as is" in your local market on a quick sale ($75?)
- compare these to the full donated value * [1- tax rate] as part of your itemized deductions
Do whichever nets you the most $ back in this tax year. Might be the refurb, might be the donate.
If donate, do it today. Drop it at Goodwill, put the receipt in your 2015 tax folder, and place the order for your new bike.
You're welcome. Phil