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I would value the quilt around $250. Unless you have an appraisal for the quilt you cannot claim an insured value. An insurance company will only compensate for materials
used if you have a receipt. Unfortunately, in this situation we never get credit for what it is really worth. |
most I've seen have been taken to an appraiser and that is the advertised value of the quilt.
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There is cross-stitching on some of the blocks. Which adds immensely to the time involved.
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Originally Posted by TheSevenYearStitch
Value is tricky, but I've heard a lot of people say it should be cost of materials X 3 or 4.
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I would estimate $300-350.
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Originally Posted by LyndaOH
I believe for tax reasons you can only include the costs of the materials. It would depend if you need the value for the tax deduction or for other reasons.
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See if an appraiser in your area is willing to give you a free appraisal for the raffle.
Originally Posted by Cindysue2
The reason is not for tax purposes. For all the raffles we list on the information sheet what the value is if it was purchased new.
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If you were to insure this with an insurance company for replacement value it would be VERY high. Get it appraised!
Like anything, there is the IRS tax value, donation value, actual cost, replacement cost, etc. Only a trained expert can answer your question. When you raffle the quilt you can advertise that it will come with copy of the appraised value so the winner can get it insured if they want. When people can see the REAL value you may sell lots more tickets. It's like buying a diamond ring= you'd pay more when you could see the actual expert certified appraisal. |
Originally Posted by Cindysue2
Sorry I posted this under pictures and I guess should have posted here, sorry for the double post. I wanted to know what value I should list for the quilt below. It is approx. 60 x 80 large throw and has hand stitched counted crosstitched in some of the blocks. It is being donated and will be part of a raffle for the Houston Food Bank. I have only been quilting for about 1 1/2 years and only been on this board since July so I need help!
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The pattern I started with was the Big Block that idea but I made the blocks to fit around the cross stitch pieces I had and then measured to have all the block the same size. It was really hard and difficult to keep up with I know now it is much easier to follow a pattern!
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