Is fabric used for charity quilts tax deductible?
#2
Just keep your receipts. They are very fussy about proof now. Also, it has to be a recognized charitable institution to be able to claim the deduction.
Originally Posted by Quiltgirl26
If so do you know how much you can deduct?
#3
Originally Posted by donnajean
Just keep your receipts. They are very fussy about proof now. Also, it has to be a recognized charitable institution to be able to claim the deduction.
Originally Posted by Quiltgirl26
If so do you know how much you can deduct?
#4
Power Poster
Join Date: Feb 2009
Location: Northern Michigan
Posts: 12,861
good documentation is needed-
you can claim the actual expenses---fabrics, notions, batting ect--with receipts---
not the value of the quilt but the actual cost of materials is tax deductable as long as you give to registered non-profits- and get a tax receipt from the non-profit.
or if you mail your quilt to an organization send it with proof= and keep your postal receipt.
you can claim the actual expenses---fabrics, notions, batting ect--with receipts---
not the value of the quilt but the actual cost of materials is tax deductable as long as you give to registered non-profits- and get a tax receipt from the non-profit.
or if you mail your quilt to an organization send it with proof= and keep your postal receipt.
#7
Originally Posted by Quiltgirl26
So is there a monetary limit? Like you can only claim up to $500 etc.
The appraisal requirement limit is only $500 for clothing and household items. So, if your quilt is worth more than $500, you'll need to attach an appraisal and a form 8283 to your tax return for it. All of those limits are for single items, IOW one quilt, not total deductions claimed. See IRS Publication 561 for all the details.
(sorry, I slipped into 'accountant' mode for a minute there :oops: )
Thread
Thread Starter
Forum
Replies
Last Post
dltaylor
General Chit-Chat (non-quilting talk)
0
01-27-2012 08:04 AM
dreamer2009
General Chit-Chat (non-quilting talk)
2
11-14-2010 05:31 PM