What value would you list?

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09-22-2011, 07:28 AM

#31

caspharm

Super Member

Join Date: Jan 2011

Location: Nevada

Posts: 6,958

I was told by one of my quilting teachers that take just the value of the fabric and double it to figure the value, when I asked how to figure the value of a quilt I made for a raffle. You can't include labor.

09-22-2011, 07:44 AM

#32

TanyaL

Super Member

Join Date: Apr 2011

Location: Bosque County, Texas

Posts: 2,709

Quote:

Originally Posted by caspharm

That makes no sense. You can't include labor in the value of your donation for IRS? OR the value of the labor in the total value of the quilt? Is this in the opinion of a legal group or the quilt police?

09-22-2011, 07:54 AM

#33

clsurz

Super Member

Join Date: Dec 2010

Location: Coastal Georgia

Posts: 1,508

Considering all the cross stitch pieces as well as everything else involved I would say the value was between $350-$400 for purpose of the raffle.

09-22-2011, 07:59 AM

#34

dogpursemaker

Junior Member

Join Date: May 2011

Location: Wonderfully Wet PNW

Posts: 246

I was thinking of a starting price of around $300 too. I certainly wouldn't put anything less than that on it.

09-22-2011, 08:31 AM

#35

quilter65

Member

Join Date: Nov 2010

Location: Cottage Grove, Or

Posts: 51

I agree. I think we need someone with legal or tax training to respond to this.
Sally

09-22-2011, 08:54 AM

#36

catmcclure

Super Member

Join Date: Jun 2010

Location: Bay Area near San Francisco

Posts: 1,213

Quote:

Originally Posted by Cindysue2

Sorry I posted this under pictures and I guess should have posted here, sorry for the double post. I wanted to know what value I should list for the quilt below. It is approx. 60 x 80 large throw and has hand stitched counted crosstitched in some of the blocks. It is being donated and will be part of a raffle for the Houston Food Bank. I have only been quilting for about 1 1/2 years and only been on this board since July so I need help!

When you donate a car, you can deduct the amount the charity actually sells the car for - not the value. In your case, I would contact the Food Bank and ask exactly how much your quilt sold for in the raffle (how many tickets they sold). You can deduct that amount from your taxes.

If you're wanting a price to quote to the charity, you could figure on:
quilting - two cents a square inch - $96
fabric - 4 yds front and back - 8 yds at $10 - $80
batting - $12
That's $188. If you add in what it would cost to buy hand cross-stitched blocks on ebay that's probably another $30 to $50.

09-22-2011, 12:37 PM

#37

Blinkokr

Super Member

Join Date: Mar 2011

Location: Deltona, Florida

Posts: 7,080

Just beautiful
Have a Blessed day
Ellen

09-22-2011, 03:58 PM

#38

TanyaL

Super Member

Join Date: Apr 2011

Location: Bosque County, Texas

Posts: 2,709

What is the value of this quilt needed for? For the people who are having the raffle so they know the value of what they are raffling? or for the person who donated the quilt so they can deduct it on their tax? These would definitely be different amounts.

09-22-2011, 04:16 PM

#39

debbieoh

Super Member

Join Date: Jun 2010

Location: Sheffield vlg Ohio

Posts: 2,299

I have always declared value as to how much the quilt brings in. The charity has always sent me a recipt ater the raffle

09-22-2011, 04:30 PM

#40

Margo in Maine

Member

Join Date: Jul 2011

Location: Kennebec county

Posts: 56

I would say $250 to $300...I understand it is for non profit and the value listed needs to be what you would sell it for...nothing to do with taxes. You did a great job and I am sure will be a blessing to whoever gets it.. :D :-P