Quilts for charity
#21
My bet, in this case, is that he/she could deduct far more than the cost of materials.
#22
Super Member
Join Date: Jan 2011
Location: Small town in Northeast Oregon close to Washington and Idaho
Posts: 2,795
This brings to mind a question---------say a top notch artist donates a piece of art worth a million dollars on the open market. Is he/she allowed to deduct the going price of a million dollars or just the $50 or so for a canvas and paints?
My bet, in this case, is that he/she could deduct far more than the cost of materials.
My bet, in this case, is that he/she could deduct far more than the cost of materials.
I have never donated YET! Your Eligible Too! I have a few quilts rolled up with no place to go and after reading this thread, I would like to donate them! Not just for tax purposes, but maybe to our dialysis center or a nursing home. I didn't make these to save me on taxes. I'd rather someone enjoy them, but it's an interesting thread and I will find out from my MIL what the rules are on this and get back to you all.
#23
This brings to mind a question---------say a top notch artist donates a piece of art worth a million dollars on the open market. Is he/she allowed to deduct the going price of a million dollars or just the $50 or so for a canvas and paints?
My bet, in this case, is that he/she could deduct far more than the cost of materials.
My bet, in this case, is that he/she could deduct far more than the cost of materials.
You get to deduct the amount of the materials. BUT (big but) You should only use itemized deductions if they're more than the standard deduction and the standard has gotten so high lots and lots of people don't have enough itemized deductions to make it worthwhile.
#24
There are special rules for donations of that type. The first rule is it has to be appraised. Unless you are a famous quilter whose quilts are worth loads of money you don't need to worry about something like that.
You get to deduct the amount of the materials. BUT (big but) You should only use itemized deductions if they're more than the standard deduction and the standard has gotten so high lots and lots of people don't have enough itemized deductions to make it worthwhile.
You get to deduct the amount of the materials. BUT (big but) You should only use itemized deductions if they're more than the standard deduction and the standard has gotten so high lots and lots of people don't have enough itemized deductions to make it worthwhile.
If you could get a much higher credit for an appraised quilt, why on earth would you "worry" about it? If it were me, I'd get the appraisal in a heart beat.
#27
I actually never thought about the tax end of donating quilts. I just like to quilt and can not use them all and so I donate to various raffles and silent auctions. The information was appreciated, thank you.
#30
Super Member
Join Date: Dec 2009
Location: Ohio
Posts: 2,929
Ditto. I make quilts for my local Children's Service and for Quilts for Kids and will not be claiming them on my tax return.
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Julie in NM
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09-08-2011 09:20 AM