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Is any of the work or fabrics you put into charity quilts tax deductable? I'm thinking about the groups who send you the fabric and patterns and you supply the labor.
Sue |
Supplies are deductible, as to actual cost incurred. Labor is not deductible.
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usually only supplies.
if you drive somewhere, you can take the mileage - see the directions on the schedule A. |
That's what I thought. Thanks.
Sue |
Postage should be deductable too :D:D:D
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Keep your receipts!
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What about fabric you have had for a while and you just used your stash to make a charity quilt. Can you count postage?
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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. |
I would check with a reliable CPA. You must fill out a long tax form to deduct anything.
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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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