Welcome to the Quilting Board!

Already a member? Login above
loginabove
OR
To post questions, help other quilters and reduce advertising (like the one on your left), join our quilting community. It's free!

Page 3 of 4 FirstFirst ... 2 3 4 LastLast
Results 21 to 30 of 37

Thread: Quilts for charity

  1. #21
    Super Member GrannieAnnie's Avatar
    Join Date
    Aug 2010
    Location
    S. W. Indiana
    Posts
    7,203
    Quote Originally Posted by mermaid View Post
    I donate to local Nursing home--little quilts and wheelchair / walker bags...never ever filed a claim. It's called "donation". I believe we should all give back if we've been blessed by.."there, but for the grace of God, go I".
    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.
    Bad Spellers of the World
    U N T I E

  2. #22
    Super Member jcrow's Avatar
    Join Date
    Jan 2011
    Location
    Small town in Northeast Oregon close to Washington and Idaho
    Posts
    2,661
    Blog Entries
    5
    Quote Originally Posted by GrannieAnnie View Post
    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.
    We all know that he can deduct the million dollars! My MIL is a tax consultant. She is very bright and goes to seminars throughout the year. She is one of the few that can represent her clients in court in front of the IRS. I am going to ask her this question.

    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.
    "Be yourself...everyone else is taken."
    Strong people don't put others down...they build them up."
    "Remember that your instincts are more important than rules"

  3. #23
    Super Member Scissor Queen's Avatar
    Join Date
    Jul 2009
    Location
    Southwest Kansas
    Posts
    4,760
    Quote Originally Posted by GrannieAnnie View Post
    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.
    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.

  4. #24
    Super Member GrannieAnnie's Avatar
    Join Date
    Aug 2010
    Location
    S. W. Indiana
    Posts
    7,203
    Quote Originally Posted by Scissor Queen View Post
    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.

    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.
    Bad Spellers of the World
    U N T I E

  5. #25
    Super Member katesnanna's Avatar
    Join Date
    Aug 2010
    Location
    Brisbane, Australia
    Posts
    3,072
    Blog Entries
    15
    I've been making charity quilts for years and it would never have occurred to me to claim them on my tax. Not that I pay tax anymore. I love being retired.

  6. #26
    Super Member
    Join Date
    Nov 2009
    Posts
    1,722
    Yes, charity quilts, knitten charity winter hats, double receiving blankets for babies, etc. etc. I don't claim any deduction for any of it. It's my gift to the needy.

  7. #27
    Junior Member KimmerB's Avatar
    Join Date
    Jan 2011
    Location
    Rhinelander, WI
    Posts
    222
    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.

  8. #28
    Super Member grann of 6's Avatar
    Join Date
    Jul 2010
    Location
    Glenmoore, PA
    Posts
    7,332
    Blog Entries
    1
    Quote Originally Posted by Tink's Mom View Post
    I wonder if you can also deduct the postage for sending donation quilts?
    Yes, DD who is an accountant, says to save all receipts from postage and you CAN deduct it.

  9. #29
    Member
    Join Date
    Feb 2012
    Location
    Midwest
    Posts
    48
    The cost of sending a charity top out to be quilted by someone else, such as a longarm quilter is also deductible; keep the receipts.

  10. #30
    Super Member lisalovesquilting's Avatar
    Join Date
    Dec 2009
    Location
    Ohio
    Posts
    2,540
    Quote Originally Posted by lclang View Post
    Yes, charity quilts, knitten charity winter hats, double receiving blankets for babies, etc. etc. I don't claim any deduction for any of it. It's my gift to the needy.
    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.
    Peace is one of His greatest gifts.

Page 3 of 4 FirstFirst ... 2 3 4 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

SEO by vBSEO ©2011, Crawlability, Inc.