You may be thinking about donating your hair, and you’re wondering if there is a tax break for it. Or you’re interested in cashing in your ponytail to pay off some bills. Before you pick up those scissors, let’s answer the most important question, how much is my hair worth?
How Much Is My Hair Worth?
You’ve grown your hair out nice and long, and now it’s time to sell it. What’s next?
First, you need to do a little homework on your locks. It’s possible your hair is worth a pretty penny, but it depends on several variables. For example:
- Health (sheen, split ends, etc.)
- Whether it has been colored. Hair that has never been colored is referred to as “virgin” hair and, generally, sells for more money.
- Whether it is children’s hair versus an adult’s. Many buyers prefer children’s hair to make children’s wigs and may pay more for a child’s lock of hair versus an adult.
These variables were taken from BuyAndSellHair.com via their FAQ page.
Now that you understand the variables taken into account, it’s not quite time to snip, yet. It’s time for you to get an estimate on what your hair is actually worth. To do that, head over to this Hair Price Calculator and enter your information.
To demonstrate, I entered my own information and received the following results:
At the bottom, you’ll see the estimated value for my hair is $170.35. It’s not quite enough to quit my day job, but enough to keep the lights on in a crisis, I suppose.
I played with the numbers a bit and discovered a price increase when I increased the length and thickness. That’s pretty understandable, but what about hair color? Do those prices vary?
To answer that, I played around with more numbers and discovered the following price estimates (still based on my same hair length and thickness:
- Brunette (mine): $170.35
- Black: $146.02
- Blonde: $206.86
- Red: $255.53
So, there you have it. If you’re a redhead with healthy locks that stretch down to your knees, you’d cash in pretty well versus someone with a little bit of thin, dyed, black, or brown hair.
Where to Sell?
I mentioned one of the largest online marketplaces for human hair called BuyandSellHair.com. They charge a membership fee for using their marketplace, much like eBay.
Having trouble selling? Consider donating.
Donated hair is often used to create wigs for cancer patients, especially for kids. The big question is: “Will I receive a tax deduction on my donated hair?”
The answer is no, unfortunately. The IRS denies any deductions for body-related donations such as blood, hair, or organs. You can, however, deduct other expenses incurred during the experience, such as the price for the haircut and the mileage. Click here for more tax-related information.
Even without the tax break, donating hair is a wonderful way to help others in need. Here are a few organizations to consider:
- Wigs for Kids
- Locks of Love (Have you heard rumors that they charge cancer patients through the roof for their wigs? Make sure you read this full report on the myth-busting facts via Snopes.com.)
- Pantene Beautiful Lengths
- Children with Hair Loss
As you go through this decision by yourself or with your child, review as much of the facts as you can, find a reputable marketplace, price your hair accordingly, or give it to someone in need. Either way, I’m sure it will be a memorable experience that can definitely fit into the category of “creative financing.”
Looking for other ways to earn money? Check out these 10 side job ideas.