I gave most of our baby gear to friends with babies, and then they returned it when we had Olive. Which was great for the big stuff that took up a ton of space!
As a first grandchild, Charlie had a ton of clothes. I saved all of them in case we had another son. When we found out we were having a daughter, I gave all the boy-ish clothes to a friend.
But once Olive arrived, I ended up giving away another big batch of gender neutral-ish slightly boyish clothes. I thought I wouldn't care about what she wore, but my mom insisted that I dress her in girly colors so that people would know she's a girl in person and in pictures. She buys all of Olive's clothes, so I didn't care too much.
As for some of the really big stuff that I couldn't give away like a stroller frame, I sold ours and repurchased a used one when Olive was born. I'm addicted to buying and selling used baby gear!
What did you do with all your baby gear after #1?