Question regarding donation of large queen size quilt
#1
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Join Date: May 2010
Location: Lockport, Illinois
Posts: 55
I am finishing a large queen size quilt that I will be donating to a silent auction for a charitable organization. I have upwards of $250.00 in materials. None of my time is involved in that amount. Can anyone give me an idea of the starting value of this quilt for the auction? I have never done this before and I need help
#2
Good question. I have made a patchwork quilt to donate to CASA Corridor of East Tennessee (Court-Appointed Special Advocate) and don't have any idea how to start. I'll be interested to see what folks suggest.
#6
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Join Date: Feb 2009
Location: Northern Michigan
Posts: 12,861
according to the tax laws you are allowed to claim the cost of materials (pattern everything included) so i would say go ahead and start it at $100 but can you put a minimum on it? if so the $250 you have into it would be appropriate. the thing about auctions is if you start high no one bids, there is a better chance of getting a good price if it starts low enough to get bidding started. i had one once that i had $200 into... it was to be raffled...the group did n't (bother) very much with selling tickets...they made $45 on it...i was so ticked i have refused to ever make them another one...but i had one that sold for $1800 so you just never know...but the rule really is, once you donate it...it's not yours anymore, so what ever they do with it is their gain (or loss) you get to claim the $250 you put into it on your taxes (if you itemize)
#7
I have never auctioned a quilt for charity but I have done a queen size for a raffle. It was for the Catholic School I went to. They made over $3000.00 in raffle tickets. I think I would start at $200.00 if you can. I donate all work, materials, etc but the school has offered to pay but I figure I received a wonderful education there so what the heck!
#8
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Join Date: Apr 2010
Location: Southern , Virginia
Posts: 1,518
I no longer donate a quilt unless it ia a raffle. The first one I donated I had $275.00 into not counting my time. The silent auction winner paid $125.00 for my quilt!!!! I also have conditions on the raffle, they have to sell ahead of time a certain number of tickets and also at the event. So far that has worked. When it doesn't I will no longer donate quilts with so much of my $ in it.
#9
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Join Date: Dec 2008
Location: Western Wisconsin
Posts: 12,930
Originally Posted by Jeanniejo
I no longer donate a quilt unless it ia a raffle. The first one I donated I had $275.00 into not counting my time. The silent auction winner paid $125.00 for my quilt!!!! I also have conditions on the raffle, they have to sell ahead of time a certain number of tickets and also at the event. So far that has worked. When it doesn't I will no longer donate quilts with so much of my $ in it.
#10
Originally Posted by ckcowl
according to the tax laws you are allowed to claim the cost of materials (pattern everything included) so i would say go ahead and start it at $100 but can you put a minimum on it? if so the $250 you have into it would be appropriate. the thing about auctions is if you start high no one bids, there is a better chance of getting a good price if it starts low enough to get bidding started. i had one once that i had $200 into... it was to be raffled...the group did n't (bother) very much with selling tickets...they made $45 on it...i was so ticked i have refused to ever make them another one...but i had one that sold for $1800 so you just never know...but the rule really is, once you donate it...it's not yours anymore, so what ever they do with it is their gain (or loss) you get to claim the $250 you put into it on your taxes (if you itemize)
http://www.irs.gov/pub/irs-pdf/p561.pdf
http://www.irs.gov/publications/p526...link1000229745
And don't forget, it must have been given to a registered charitable organization
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