Need to get rid of 3 bikes

[BigguyZ]

OK, so I'm trying to get some more progress on getting my shop organized. I think the next step is to finally get the workbench and table saw station from my old basement shop to my garage shop. Assuming that this will be possible without getting someone killed in the process, the first hurdle will be making room in my curent shop.

Hindering that, among other things, is a collection of 3 mountain bikes in various stages is disrepair. I have a "GT" bike that was mine from a while ago tha's missing the read wheel (stolen). I have a purple Specialized bike that was left in the garage of my first house that I never got rid of; it's pretty complete, but it's missing a pedal. And finally, I have a complete yellow Magna that my brother gave me as repayment for 'borrowing' bike #1 and getting the wheel stolen.

Now, I'd like to get something for the bikes, but I also want to spend little or no time in getting rid of them. I have a pair of corner built-ins that were in my house that I quickly removed. I've had them for a year, and have yet to get them sold. At this point, I'm thinking of just giving them away. So I'm wondering if the most advantageous thing to do would be to donate them to Goodwill or a local bike shop that holds community classes for free...

I think here are my options:
-Try to sell the bikes for the maximum value, potentially taking a lot of time and not getting them sold at all.
-Sell them on CL for cheap ($30-$50). I won't get what they're really worth for them, but at least I can get them out of my shop and have a few bucks to get my current bike tuned. Minimal time investment.
-Donate them. Get no money for them, but get to write off a few $ for taxes next year. Also, spend the least amount of time to get rid of them.

What do you all think? I kinda have the same issue for several tools as well- so I guess this could be a general question about how we deal with things we don't use. You you just do the fastest thing to get it out of your way, or do you invest the time in hopes that there's at least some financial reward in doing so?

Thanks

[Black wallnut]

Well a rear wheel plus cassette will cost $60. What is a "GT" worth? With a new cassette you should also replace chain, so add $20, but wait there is more.... add a tire and tube so now you are over a c-note.....

The Specialized is worth it and if you have a good relationship with your LBS (local bike shop) a platform test ride pedal should be almost free.

The Magna is a BSO (bike shaped object) and not worth the cost of an ad in a newspaper IMHO.

If you have a bike Co-op you might consider donating to them if not perhaps Craigslist all three for a c-note or so..... however the Specialized should be worth at least $200 with both pedals as long as the groupset is not warn out.

[atgcpaul]

I thought you could deduct 30% of the value of your donations to charity from your taxes. $200 bike is a $60 write off. Some charities let you fill in the value of the donated items. I would think if these were decent bikes, you'd make out the best if you donated them and it would require little to no effort.

[LCHIEN]

i believe the tax law says you can deduct the fair market value of your donation.

So if the bike is used in good working condition and a few years old FMV well be 30% of its new price... but missing parts (pedal, wheel whatever), FMV would be 30% of new price plus the professional cost of replacing parts with matched equivalents. A $200 bike with a FMV of $66 with missing pedal might cost you $50 in parts and labor to have a bike shop fix it which would make the actual FMV around $16.

If you were in a 25% tax bracket then a $16 deduction would be worth about $4 to you.

If you were to fix the bike yourself and buy a replacement Specialized pedal for $20 and put your own labor in you could then donate it valued at $66... making your net deduction $66 netting you $16.50 but you spent $20 so you would lose $3.50.

Of course you self-value the deduction on you income tax return with a signed blank donation certificate from the donation place... if you don't have many deductions the IRS probably won't challenge a value that's arguably valid... a picture of the bike and original receipt would help. you could claim it was a better model that cost more and get away with it, not that I'd suggest that.

[BigguyZ]

Hm.... It's sounding like donating them is the best option, and maybe selling the Specialized separately if I can get a bit for it....