8 things you need to know before returning your holiday gifts

Most times, people don't give a receipt with a gift, so it may be difficult to return an item that you may not want this holiday season.

"If you don't have a receipt, most stores will let you exchange an item for a different size or color," Bonebright said. "If the store is more generous, you'll get store credit. But the majority of stores will not issue a refund without a receipt, and some retailers will reject any return without a receipt."

Bonebright said retailers will only accept a return if it has not been used. If the tag has been removed, it will look like you used the item.

"To avoid possible rejection, you should always leave the tag on," he said.

Just like with a missing tag, an item not in its original packaging will appear used, so most retailers will not accept it as a return. If your gift did not come in its original packaging, you should ask the gift giver if they saved the box it came in.

"Leaving the tag on your purchase used to be enough to score a refund from a retailer, but shoplifters have pretty much ruined that policy," Bonebright said. "At best, returning an item with the tag on will get you store credit. However, if you make too many returns with no receipt, you're eventually going to be rejected."

During the holiday season, you may get a gift card to a store that you never shop at. Bonebright said you are probably stuck with that gift card anyway.

"Retailers are picky about gift cards, unfortunately. A store may let you exchange a gift card for some percentage of the cash value, such as 80% or 90%," Bonebright said. "Some retailers will reject any gift card return if you don't have the receipt, too. Worse yet, some retailers will only exchange gift cards for store credit — which is not helpful."

If you forgot to return your holiday gifts well after the holidays, some retailers won't accept the item, especially if it's past their deadline. You should also make sure that the item wasn't bought as a "final sale" because stores don't accept those as a return. Bonebright said you also can't return anything that has been clearly used, damaged, or broken.

"The best-case scenario for any shopper is getting your money back. But when you can't get cash back, store credit is better than nothing," Bonebright said. "We return products because we don't want them. Exchanging an item for a different size or color is only helpful if you actually like that item."

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