|
The person that originally asked the original poster to donate a quilt - may not have any idea of the actual cost and time involved in making one. I don't remember what size was requested - maybe it wasn't stated -
The person could say something like - it will cost me $ in dollars and so much in time - I can willingly donate $ for a sure thing for your fund-raiser - or I can make the quilt - which may or may not bring that much in at the event. But the bottom line for everyone is - do what you want to do - or feel guilted/quilted into doing. |
Originally Posted by quiltingshorttimer
(Post 5597565)
Well, I think I've come up with a way to handle all this--my church is having a regular auction and I'm donating a quilt--but I also plan to bid on it at least at the amount that I know it cost to make/quilt. I plan to claim the material and quilting amount on my taxes for charity and feel my labor is my "work of love" and I won't mind bringing home my own quilt if I actually win it! But with regular auctions, I know that sometimes that bigger bid prompts others to also go higher if they really want it--which is what I hope happens!
|
Originally Posted by Sierra
(Post 5599938)
It would be easier, and possibly less embaressing to simply put a minimum bid on the quilt and let the church group take it or leave it... and, if they don't want to put a minimum on it, graciously don't back down. This would also be a step on educating this organization on the cost of the materials, and the time involved, in making a quilt.
Sounds like a great solution! |
Draft a letter stating the value of the donated quilt. Make it very clear that this is a tax deductible donation and that you will be claiming it on your income taxes. They would need to sign off on the letter stating this. Pretty routine for donations. Im sure that you can find a generic form to use for this. Search online for one.
Sandy |
Originally Posted by Sandygirl
(Post 5600788)
Draft a letter stating the value of the donated quilt. Make it very clear that this is a tax deductible donation and that you will be claiming it on your income taxes. They would need to sign off on the letter stating this. Pretty routine for donations. Im sure that you can find a generic form to use for this. Search online for one.
Sandy A donation may or may not be tax deductible and if it is you only get to deduct the value of the materials, not your labor. It has to be an actual charitable organization of some type for it to be deductible. |
Originally Posted by Scissor Queen
(Post 5601040)
A donation may or may not be tax deductible and if it is you only get to deduct the value of the materials, not your labor. It has to be an actual charitable organization of some type for it to be deductible.
|
Originally Posted by GrannieAnnie
(Post 5595519)
Question-------------there are two basic ways to do a silent auction--------------which method are they using?
One way is a sure fire loss and the other a much better method. The loser method is to have an enclose container into which a person drops his bid. You have NO idea what the next guy bid------------and way too much chance of several identical bids. The second much better method is to have a printed sheet, sometimes with minimum bids listed, where each successive bidder ups the previous bid. This method is much improved from the first type-----------but not at all a guarantee of any decent income for the benefit. And I guess I missed the info, what is the benefit for? I've only donated one quilt to a silent auction fund raiser. At a retreat a quilting friend who knew I made a lot of charity quilts gave me a large very attractive lap sized quilt she made from her scraps of fabrics and batting, all it needed was binding. When I returned home I found out in a few nights there would be a fundraiser for my cousin's very ill grandson. I donated the quilt for the silent auction and it only brought in about $25. Not as much as I thought but it didn't upset me because the teenage girl who won it was so happy, my friend got to use up fabrics and batting that some people would have thrown away, my part was very small and it all went to help someone I knew - pretty good deal all around. |
Originally Posted by GrannieAnnie
(Post 5601110)
And I thought you got to deduct the value of the object, which would include your labor. NO??????????
The IRS really tightened up the rules for charitable donations a few years ago. Don't worry about the deduction, just donate. (ex tax lady) |
quilts books work well too!!!
|
Originally Posted by Scissor Queen
(Post 5601231)
Nope, no deductions for labor or for your time. The value of the object is what the materials cost and that's all. A church is a charitable organization but if you just give a quilt for a silent auction to a family raising money for medical bills it's not a charitable organization and you don't get to deduct it.
The IRS really tightened up the rules for charitable donations a few years ago. Don't worry about the deduction, just donate. (ex tax lady) Or sell it to them. Not sure that i would just give away my $$$ . Thanks for setting me straight. Sandy |
| All times are GMT -8. The time now is 09:41 AM. |