Want to return a gift? Here are tips to keep in mind before you head to the store

Now that the holidays are over, the race to return is on!
Experts estimate that $120 billion in gifts will be returned this year.
Here are some tips to keep in mind before you head to the store:

1. DON'T OPEN THE BOX

If you try to return an item, and the original packaging isn't intact, merchants may impose a restocking fee. This is especially common for electronics.

2. KEEP THE GIFT RECEIPTS

Make sure you don't toss them out with the wrapping paper, because merchants often turn you away if you don't have one. If you didn't get a gift receipt, you may be eligible for store credit - but you might receive less than what you expect because they go by the lowest price of the item, than what it sold for recently.

3. CHECK THE RETURN POLICY

You can check the return policy online.

4. ONLINE PURCHASES

For online purchases, you want to know whether or not the merchant allows you to walk in to a location for an in-person return.

5. BRING YOUR ID

Some chains use a computer authorized system to detect any abuse, so you may be asked to show your ID when you make a return in-person.