Has anyone donated fabric for a tax write-off? If so, to who and what value did you use?

I was thinking about it for next year. I don't think I will use all the fabric I have in storage. I don't want to spend the time and energy to catalog, photograph, and post it for sale at a loss and I thought this might be a good use for the fabric.

Salivation army is a good place and you give a price and they write a receipt!

I think there is some formula that is used for donations -- that is, you can deduct only a certain percentage of the price new. I'm thinking 25%?

Also, remember that it's not a credit against taxes owed; it just reduces your income by the amount donated. This can make the tax savings really small.

I believe the tax code says something like..you can use the price they would sell it for in a thrift store. I use turbo tax and they have a tax calculator or website that lets you put in each item and it tells you what they will allow. It is a lot more generous than I ever figured.

I have deducted the cost of fabric used to make donation quilts, I think prism99 is right that it's only a small percentage that is actually calculated, we itemize and have someone who does our taxes with us, it's just to hard to keep up with all the new laws for what is or isn't Deductable.

I think you would get a better write-off if you donated the fabric to Downey quilts for kids as opposed to goodwill, if you give to goodwill IRS only allows garage sale price for deduction, not purchase price.

I was able to take a donation deduction for all the baby quilts i donate to the children's hospital. It was small but every little bit helps :!:

Regardless of where you donate the fabric, you can deduct what you could sell it for.

When I donate fabric, I try to determine what I think I could sell the fabric for. When I make a quilt to donate, I use the actual cost of the fabric.

Several of the ladies from my Project Linus chapter take a tax deduction on their donated blankets, afghans and quilts. Two of the ladies keep all their receipts along with cd's with photos of each quilt in the event of an audit. It is the best way to protect yourselves. You can not deduct labor but you can supplies such as thread, yarn, fabric, batting.

My tax person always tells me to donate and get a receipt for $1000. I think under that amount doesn't come into play. Or something.

Check with the quilt guilds in your area. I know we are always looking for fabric for our various projects be it Quilts of Valor, the hospitals, cancer patients. A guild would be happy to receive such a generous offer.

L