Tax Deductable??
#1
Junior Member
Thread Starter
Join Date: Dec 2010
Location: Sioux City, Iowa
Posts: 117
Idon't know why this entered my mind. I'm on a fixed income and so it won't affect me directly, but here in the USA; if you buy fabric and notions strictly for charity quilts, would the expenses be tax deductable?? Any accountants or lawyers out there that could give a heads up on this?
Just curious. With the price of fabric and notions going up, some might be interested.
:?:
Just curious. With the price of fabric and notions going up, some might be interested.
:?:
#2
Not sure if this info helps, but I made 20 bags for the silent auction at my daughters school, the lowest price paid was $50, so I used that number to assign a value to each bag, which put me at $1000 for the value donated. My CPA used that amount as a "charitable donation" for tax purposes.
#3
All quilts have to be donated directly to a non profit organization. If you donate to someone else who makes the quilts that is not tax deductible. I keep records of fabric and batting and postage for quilts I donate. :)
Others will have other advice, mind is from our tax man.:)
Others will have other advice, mind is from our tax man.:)
#6
Power Poster
Join Date: Feb 2009
Location: Northern Michigan
Posts: 12,861
yes, when you donate quilts to (qualifying non-profits) the quilts are tax deductable- but you can only claim what you have into the quilt- not the market value.save your reciepts in case you are ever audited.
#9
Originally Posted by tweezy50
Idon't know why this entered my mind. I'm on a fixed income and so it won't affect me directly, but here in the USA; if you buy fabric and notions strictly for charity quilts, would the expenses be tax deductable?? Any accountants or lawyers out there that could give a heads up on this?
Just curious. With the price of fabric and notions going up, some might be interested.
:?:
Just curious. With the price of fabric and notions going up, some might be interested.
:?:
Then when it is tax time all I need is the spreadsheet.
Unfortunately, my time isn't tax deductible. But, since I am slower than average usually, I can understand it. Darn it.
Am I OCD, anal retentive, or just plain overorganized. Personally, I prefer to call it being frugal and organized for optimum benefit. This sounds much nicer than the others.
ali
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