Unclaimed Cash on 'GMA:' Three Women Clean Their Closets In Hopes of a Cash Payoff

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Trading In, Hoping for Cash

Bearing bags and bags of clothes pulled from the closets of our three challenge contestants, we arrived at the front door of the New York outpost of Buffalo Exchange, one of the country's biggest "buy-sell-trade" chains.

Bree Turnier,the manager of the Buffalo Exchange store in Williamsburg, Brooklyn, told "GMA" the chain looks for the three "Cs" of clean, current and good condition when deciding which items to buy and determining their value.

"We take all labels and all price ranges," she said.

Most importantly for your wallet, the store offers the individual seller 30 percent of what they would sell it for in the store.

"You get the money to take home with you that day," explained Turnier of the store's day-of, cash return policy.

The money that "GMA's" three closet contestants took home with them that day from Buffalo Exchange alone range up to more than $200, including $153 for Breck's designer duds, $52 for Cavrell's sentimental clothes and $46 for Tharp's power suits.

And what didn't make the cut at Buffalo Exchange could still be sold at another popular "buy-sell-trade" chain such as Plato's Closet, with stores in more than 300 cities, at a consignment store like Goodwill or Salvation Army, or on eBay, where it's free to list and sell items.

Just like with a new product, there are key tips for marketing your used clothes to get the highest bidder:

The key phrase is "GENTLY WORN." Everything should be in good condition- no stains, deodorant marks, or holes in your clothes if you want to see them sold.

Presentation is key. Make sure the clothes you're selling are wrinkle-free with the buttons buttoned and zippers zipped too.

Keep your sales IN SEASON. For summer, feature your swimsuits, sundresses, sandals and sunglasses. Then, look ahead to next season and start gathering fall items like sweaters, coats and scarves to sell in August.

Watch current trends. Places like Buffalo Exchange and eBay want what's hot now- bright colors, neutrals, patterns and slim cuts, for example. And don't forget to look ahead to what's trending for fall.

Mall brands are easy sells. JCrew, Gap, Ann Taylor ... anything recognizable is popular on the resale market.

The classics have longevity. Vintage does well if it's a timeless cut, color or brand. If you have extremely dated clothes with out of style cuts they will not sell.

Summertime is selling time. Summer is a great time to sell on eBay as people are starting to think about back-to-school looks for less

Package your picks. Maternity, baby and kids clothes can be bundled for each stage and sold in lots.

Do your research. Check out the websites or call "buy-sell-trade" stores and see what they are in the market for now. eBay has developed its own "Fashion Guide," for example, that helps sellers know what's in high demand and what sells for top prices.

Use a third-party. If you don't have a computer or don't want to sell on eBay, consider a service that will post and sell your items for you and give you a percentage of the sale price. "E Drop-Off" has UPS pick up service available nationwide and will sell your designer clothes on eBay: http://www.shopedropoff.com/

With those tips in mind, we described our contestants' remaining closet finds to Bard Sayah to see what kind of interest she though they could garner on eBay, and here's what she said.

Remember the brand new, brown leather Tory Burch bag Cathy Breck found buried under the pre-pregnancy clothes in her closet? Bard Sayah estimates the good condition and high-end name on the bag could fetch up to $400 on eBay

The maternity clothes buried in Denise Cavrell's basement could be bundled together and sold as a lot for as much as $200-$300, and her Tahari business suits could get $120, for a total of more than $400 cash for Denise.

And the power suits that worked for Elizabeth Barth on Wall Street but not at home in Connecticut? Her hot pink Giorgio Armani suit jacket could go for as much as $125, Bard Sayah estimates, while her Ann Taylor suits could fetch $90 each.

And after all your hard work cleaning your closets and selling your goods is done, don't forget an extra, final step that could earn you even more money come tax time.

Tell Uncle Sam to "Show me the money" come tax time by claiming the charitable tax deduction. From your donated items, you can deduct the "fair market value" — the price a buyer would be willing to pay for them.

If the merchandise you've donated is worth less than $500, you simply list the amount on your 1040's Schedule A.

If you report donations worth more than $500, you have to fill out IRS form 8283. Here you will have to identify and value the items — noting when you bought them, approximately, and how much you paid for them, also approximately.

For any item worth more than $250, you need a receipt from the charity. And for any single item worth more than $5000, it's necessary to get an independent appraisal.

You Asked, We Answered: Expert Answers Your Unclaimed Money Questions Here!

Click here for tips and tricks on finding unclaimed money left by a loved one.

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