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  • I have a question about donating quilts or the labor put into them

  • I have a question about donating quilts or the labor put into them

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    Old 03-06-2013, 06:46 AM
      #31  
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    Someone may have answered this before but several things could have gone wrong. Yes, you sometimes need to ask for a receipt. The person in charge may not have known either most non-profits are run by volunteers and they come with different skill sets. Should they have known, yes, is it possible they didn't, yes. Things change with tax laws all the time. So please, don't be hurt and take it personally, as they say life happens.
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    Old 03-06-2013, 07:00 AM
      #32  
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    I donated a large quilt for a raffle for a charity auction. I was not able to charge for my time/labor, but I was able to deduct the cost of the materials. My suggestion is to always get a receipt for anything you donate (because the IRS has a deduction available for non-monetary donations).
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    Old 03-06-2013, 07:39 AM
      #33  
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    Originally Posted by AlienQuilter
    Also, we have accumulated so much in the years that we have lived here, that I'm thinking of throwing out a lot of old receipts/paperwork. I wonder if it's okay to throw stuff out that is 10 plus years? Just how far back does the IRS go when they do an audit?
    That's one of those 'it depends' questions.
    http://www.forbes.com/sites/kellyphi...after-tax-day/
    http://money.msn.com/how-to-budget/h...er-weston.aspx
    Also, the retention time for state tax records varies by state, so check that, too.
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    Old 03-06-2013, 08:00 AM
      #34  
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    There is a computer program that helps assign a value to donated items. The website is www.itsdeductible.com. It assigns a FMV to clothing and other items based on what they sell for at thrift stores like Goodwill, etc. You would be surprised how much more you can deduct using this program rather than coming up with what you think is a reasonable price. The IRS accepts their figures for tax purposes. It doesn't list everything that might be donated but it is broken down by mens, womens, children, household, etc. Items not listed you can assign a price yourself.

    Last edited by MaggieLou; 03-06-2013 at 08:02 AM.
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    Old 03-06-2013, 08:25 AM
      #35  
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    The reason your friend got the receipt is probably because she knew to ask for it. I'm sure noone had the intent to use you badly. Many of us don't bother to get receipts because our income bracket is too low to itemize those things so it's not an issue. We file the short form and take the standard deductions.
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    Old 03-06-2013, 09:17 AM
      #36  
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    What does the size of one's income have to do with claiming the deduction? Can't anyone claim deductions for donated $$.

    Originally Posted by qwkslver
    For now you can take your donations to Goodwill or whatever charity and ask them for a receipt. Or make one up listing what you donated and ask them to sign it. It has to be signed by whoever is receiving it. Then you can add up whatever you have in it and take it off your taxes. You better believe my taxes are high enough I get to do this. I understand that next year this may not be the case. The IRS is thinking of taking that deduction away from us. You can check IRS.gov for recent info on this.
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    Old 03-06-2013, 09:33 AM
      #37  
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    I did a couple quilts for Quilts for Kids, not interested in doing that again, paying to mail them off..., no offer of a tax deduction. I guess I assumed they would have gone to the local chapter of Quilts for Kids, Silly me.... Yes I got an email thank you and have also the request email for more donations....too many options for other places for my charity quilts.
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    Old 03-06-2013, 09:35 AM
      #38  
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    keep records and take pictures-for records and for yourself so you know what you did. You can take off the cost of fabric, thread, batting-not labour or hours spent. A simple way is figure how many yards of fabric used and times it by the cost of fabric. I quilt for charity, I bead for charity, and I am slowly getting rid of all my business clothes-I have only been retired for 10 years-slow, I know!!
    Some of the suits were quite expensive-custom made Italian wool for example- but Goodwill sells them for almost nothing. I try to remember that the person buying, needs them and not of the original cost to me. I donate to help others-the tax write off does help some but it is not the be all or end all for gifting.
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    Old 03-06-2013, 10:14 AM
      #39  
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    Originally Posted by Wintersewer
    What does the size of one's income have to do with claiming the deduction? Can't anyone claim deductions for donated $$.
    If you itemize your deductions, you can claim charitable contributions. Income level does not matter at all.
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    Old 03-06-2013, 10:28 AM
      #40  
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    I just Googled, "Value of donated items" and got a list without signing up or having to remember passwords.

    [QUOTE=MaggieLou;5908746]There is a computer program that helps assign a value to donated items. The website is www.itsdeductible.com. It assigns a FMV to clothing and other items based on what they sell for at thrift stores like Goodwill, etc.
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