I was told by one of my quilting teachers that take just the value of the fabric and double it to figure the value, when I asked how to figure the value of a quilt I made for a raffle. You can't include labor.

That makes no sense. You can't include labor in the value of your donation for IRS? OR the value of the labor in the total value of the quilt? Is this in the opinion of a legal group or the quilt police?

Considering all the cross stitch pieces as well as everything else involved I would say the value was between $350-$400 for purpose of the raffle.

I was thinking of a starting price of around $300 too. I certainly wouldn't put anything less than that on it.

I agree. I think we need someone with legal or tax training to respond to this.
Sally

When you donate a car, you can deduct the amount the charity actually sells the car for - not the value. In your case, I would contact the Food Bank and ask exactly how much your quilt sold for in the raffle (how many tickets they sold). You can deduct that amount from your taxes.

If you're wanting a price to quote to the charity, you could figure on:
quilting - two cents a square inch - $96
fabric - 4 yds front and back - 8 yds at $10 - $80
batting - $12
That's $188. If you add in what it would cost to buy hand cross-stitched blocks on ebay that's probably another $30 to $50.

Just beautiful
Have a Blessed day
Ellen

What is the value of this quilt needed for? For the people who are having the raffle so they know the value of what they are raffling? or for the person who donated the quilt so they can deduct it on their tax? These would definitely be different amounts.

I have always declared value as to how much the quilt brings in. The charity has always sent me a recipt ater the raffle

I would say $250 to $300...I understand it is for non profit and the value listed needs to be what you would sell it for...nothing to do with taxes. You did a great job and I am sure will be a blessing to whoever gets it.. :D :-P