Originally Posted by mermaid
(Post 5773453)
I donate to local Nursing home--little quilts and wheelchair / walker bags...never ever filed a claim. It's called "donation". I believe we should all give back if we've been blessed by.."there, but for the grace of God, go I".
My bet, in this case, is that he/she could deduct far more than the cost of materials. |
Originally Posted by GrannieAnnie
(Post 5773678)
This brings to mind a question---------say a top notch artist donates a piece of art worth a million dollars on the open market. Is he/she allowed to deduct the going price of a million dollars or just the $50 or so for a canvas and paints?
My bet, in this case, is that he/she could deduct far more than the cost of materials. I have never donated YET! Your Eligible Too! I have a few quilts rolled up with no place to go and after reading this thread, I would like to donate them! Not just for tax purposes, but maybe to our dialysis center or a nursing home. I didn't make these to save me on taxes. I'd rather someone enjoy them, but it's an interesting thread and I will find out from my MIL what the rules are on this and get back to you all. |
Originally Posted by GrannieAnnie
(Post 5773678)
This brings to mind a question---------say a top notch artist donates a piece of art worth a million dollars on the open market. Is he/she allowed to deduct the going price of a million dollars or just the $50 or so for a canvas and paints?
My bet, in this case, is that he/she could deduct far more than the cost of materials. You get to deduct the amount of the materials. BUT (big but) You should only use itemized deductions if they're more than the standard deduction and the standard has gotten so high lots and lots of people don't have enough itemized deductions to make it worthwhile. |
Originally Posted by Scissor Queen
(Post 5773774)
There are special rules for donations of that type. The first rule is it has to be appraised. Unless you are a famous quilter whose quilts are worth loads of money you don't need to worry about something like that.
You get to deduct the amount of the materials. BUT (big but) You should only use itemized deductions if they're more than the standard deduction and the standard has gotten so high lots and lots of people don't have enough itemized deductions to make it worthwhile. If you could get a much higher credit for an appraised quilt, why on earth would you "worry" about it? If it were me, I'd get the appraisal in a heart beat. |
I've been making charity quilts for years and it would never have occurred to me to claim them on my tax. Not that I pay tax anymore. I love being retired.
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Yes, charity quilts, knitten charity winter hats, double receiving blankets for babies, etc. etc. I don't claim any deduction for any of it. It's my gift to the needy.
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I actually never thought about the tax end of donating quilts. I just like to quilt and can not use them all and so I donate to various raffles and silent auctions. The information was appreciated, thank you.
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Originally Posted by Tink's Mom
(Post 5771348)
I wonder if you can also deduct the postage for sending donation quilts?
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The cost of sending a charity top out to be quilted by someone else, such as a longarm quilter is also deductible; keep the receipts.
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Originally Posted by lclang
(Post 5775663)
Yes, charity quilts, knitten charity winter hats, double receiving blankets for babies, etc. etc. I don't claim any deduction for any of it. It's my gift to the needy.
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