Over the last few years, retailers have tightened up their return policies. If you're sitting at home with a sweater two sizes too small, or the new Britney Spears CD in triplicate, here?s what you need to know to be able to take it back, according to Jean Chatzky, "Today" show financial contributor and editor-at-large for Money magazine.

Returning gifts

Know the rules: The laws for returning differ depending on the state in which you live. Most states have some sort of requirement that stores post their return, exchange or refund policies prominently (many print their policies on their receipts.) And all states require you to be able to get a replacement or a refund for any goods that are defective or misrepresented.

The good news is that despite sometimes tough-sounding policies, many retailers loosen up around the holidays. Some big retailers even allow cash returns under a minimal (typically $25) dollar limit without a receipt. Even small local retailers that don't typically allow returns, will often allow exchanges around the holidays. They understand that this is gift-giving season and they want their customers to be happy.

Don't wait too long: That said, they're not going to be generous forever. Many stores have limits of 14 or 31 days on returns or exchanges. Stores mark down items very quickly after the holidays. Particularly if you're trying to return or exchange without a receipt, you're likely to get only the lowest price of the item in the last 30 days and very likely as a store credit, not cash. Wait more than a week or two to head back to the store and you?re likely to hit it on not the first markdown, but the second or third. The inventory may also be so depleted seasonal items like gloves are often returned to manufacturers not too long after the holidays.

If you wait, you won't have luck if you want to exchange. If you can't stand the crowds, skip the weekends, and head to the stores during a weekday morning right at opening.

Don't open the box: If you know from the minute you tear off the wrapping paper that an item is going back to the store, don't break the factory seal. Some stores won't take back CDs and software, for example, where the shrink-wrap is off. And on electronics, if products have been removed from the box, you may be assessed a 15 percent restocking fee. Likewise, leave on all tags.

(Note: there are more complaints about the restocking fee than any other policy, according to the National Retail Federation.

Sending back an item in the box in which it was originally mailed is key to smooth Internet and catalog returns. Companies are used to handling boxes of a certain size and if you use ones that are much smaller or larger, your package can get shunted to the sidelines. Also, label carefully and clearly. In most cases, you'll have to pay to ship items back, but some retailers, notably Lands End, will pay to ship the item you?re exchanging for back to you.

A receipt is best: Many merchants are now including gift receipts if the purchaser requests them. If you see any of these slips lurking in your holiday treasures don?t toss them with the wrapping paper, they're very valuable.

Take them with you when you return an item and stores will give you what the purchaser paid for it, but not necessarily forever. Target will honor gift receipts for 90 days and likewise for Toys R Us.

But Banana Republic has no limit. Without one of these, are you out of luck? Not necessarily. Some stores will use the bar code to help identify the item, which can be a help if they don?t recognize it. If you can get your nerve up to ask for the receipt if a gift receipt wasn't provided, it's a help.

A tag or label doesn?t necessarily give you all the information you need. With so many ways to purchase these days, from stores to the Web to catalogs to outlets, you need to know where your gift was bought.

Why? Because while some stores have actually loosened up on accepting returns across company channels (Barnes and Noble now allows Web returns at its stores), others still don?t (Victoria's Secret will only accept back merchandise purchased on the Web that they carry in the stores) and most stores won't allow goods purchased at outlets to be returned to full-price emporiums.

Trade It In Or Give It Away

What happens if you get stuck with something you truly don?t want and you can?t return? Chances are it has value to someone. There are two options for you to try.

The first is to trade it in. There are a number of bartering sites on the Web that will allow you to swap your unwanted stuff for someone else's, like Intellibarter. You could sell it on eBay. The other thing to think about: Give it away. Do so before Dec. 31 and you can take the deduction on this year's tax return.

Finally, we should also mention that the days after Christmas should be a really good time to get a deal. Thanks to the disappointing and lackluster retail season, you may be able to get discounts off of prices which were already low. Particularly if you received a gift certificate or two for the holidays, you can head to the stores knowing you'll be able to get even more for your money than if you had received an actual present under the tree.