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I have one of each and we are done. I save some of the older one's more unisex clothing and shoes for the younger one, but I mostly donate or sell. The older one tends to destroy most of his clothes though, so there isn't much worth hanging on to.

In debating because there will be a five year gap between my daughter and the next girl. I'm just keeping my favorites and stuff that's nicer (HA, Gap etc). The rest gets donated

Similar to @Adira: I have two girls so I'm saving everything from the older one for the baby. We are probably but not definitely done after this, but I have two sisters who will probably have kids in the future, so I pack up what the baby outgrows and save for them. But I'm trying to be better about tossing things that are really worn out.

If you are unsure about having a 3rd, I'd save the clothing. We are done once #2 arrives and I've saved everything from his big bro. I'll save the clothing in good condition to pass along to a friend having a boy, I'll maybe sell the nicer stuff, or donate!

Two boys and still saving anything that's in good condition! Donating the rest!

My baby pile for future baby 3 is pretty small now though.

Two boys and still saving big boy's clothes. I have a pile of 3-6 month clothes in J's closet since I don't know what I'm going to do with those. We're heading into the 12 month clothes soon. J's been able to wear most of E's clothes.

I have a 2.5 year old boy, and a girl arriving in August. And we are done at two kids. I saved all of DS's stuff, so I've been going through them and pulling out anything gender neutral. Anything else will be given away. And going forward I'm not going to save anything except may be jeans.

As DS has gotten older his clothes get a lot more wear and tear and stains. If we were having another boy I'd start being much more choosey about what to save.

I think that unless your LO has a big wardrobe, you will reach a point where you can't save or sell the bulk of the "everyday" clothes, or even donate them, because they're in shreds! For us, that started happening at size 4T. My son isn't unusually careless, but his clothes mostly aren't worth saving at this point. I'd keep the baby stuff if you aren't sure about another.

Also, I'm posting this separately since it's an entirely separate thought, but might be helpful to others:

My sister also has two girls, 22 months apart. However, they're now 14 and 12. She saved the items that were the "nicest" back then and has given them to me. While they're still great brands in great shape, they include a lot of short tops, wide leg/bell bottom pants, belled sleeves, etc. Only very classic things like little Lands' End jumpers really still get worn very often. You'd be surprised how "out of style" clothing for kids from Gap, Gymboree, or even more classic brands like Hanna Andersson, can become in even just 4-5 years.

I keep reminding myself of this, and will be selling off some big lots of things like Baby Gap skinny jeans as soon as my youngest girl outgrows them. No matter how cute they are now, I feel like even someone looking at them a few years from now is likely to think "whaaaaaat was this?!?"