I know I know bad bad words :D I am just curious,I plan on donating quilts this year. Can that be a deduction on next years taxes? If so how do I determine the value?
Thank you! David |
Originally Posted by davidwent
I know I know bad bad words :D I am just curious,I plan on donating quilts this year. Can that be a deduction on next years taxes? If so how do I determine the value?
Thank you! David |
Good question. I would think you could claim the cost of the materials, but I doubt you could claim for time put in. You have to have a receipt for everything now to claim the deduction. Also, it has to be a "qualified" charity/organization that you are donating to.
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I will ask my daughter she is CPA.
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That's a good question. I will be donation quilts this year too. I will watch for the answer.
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Originally Posted by Scissor Queen
Originally Posted by davidwent
I know I know bad bad words :D I am just curious,I plan on donating quilts this year. Can that be a deduction on next years taxes? If so how do I determine the value?
Thank you! David The IRS will accept such information as a valid receipt -- but it needs to be done at the time you make the donation (not 3 years later when the IRS wants to audit your tax return). The IRS personnel are real people (I've done that job, too) and they will accept reasonable information to show the value of the item you donated. |
Thanks for the info. The part about taking pics is a good idea because I haven't taken pictures of the quilts I've made for others whether it's quilt for charity or a gift for a loved one. Now I will regardless either way.
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ALWAYS take photos!
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You need an official receipt from the charity receiving it, otherwise it may not be accepted. You determine the value, but it may be challenged and given commercial market value by the IRS.
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The value would be the cost of materials. Your time does not count.
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