question about charity quilts
#8
Power Poster
Join Date: Feb 2009
Location: Northern Michigan
Posts: 12,861
if they send you a kit - no you can not claim it on your taxes-
you can (as long as you save all receipts) deduct the cost of materials. you can not claim the market value of the item- or your time- that is considered-you volunteering your time- only actual cost of materials- and if you get audited you need your reciepts. it is a good idea to keep a good list of what you use and take pics of the items to go with your list- and receipts.
you can (as long as you save all receipts) deduct the cost of materials. you can not claim the market value of the item- or your time- that is considered-you volunteering your time- only actual cost of materials- and if you get audited you need your reciepts. it is a good idea to keep a good list of what you use and take pics of the items to go with your list- and receipts.
#10
Originally Posted by Jingle
I would check with a reliable CPA. You must fill out a long tax form to deduct anything.
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Julie in NM
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09-08-2011 09:20 AM