Tax Time!
#14
Originally Posted by butterflywing
what if it's raffled, sold or auctioned by a charity? does that affect the value?
#15
Originally Posted by CarrieAnne
Opps, I didnt get pictures or do any lists, I just get a letter from the charity. I wonder if I will be able to deduct mine?
The other information concerning a description of the quilt, photo, and listing of materials and their cost is necessary is you DIDN'T get a receipt from a charity.
Happy deducting!
#19
Hi. I'm a Project Linus Coordinator in NH. Many volunteers will ask for a Gift In Kind statement when they donate quilts. This form has our Linus information, tax ID, etc., and I add the number of quilts, the date, volunteer's name, etc. We are not allowed to put down a value, as that is the decision of the person who made the quilt(s). So when you find an organization where you are going to donate your quilts, please request this form from them. Some quilters make the determination based on the cost of the materials. Others add in their time.....sometimes they double the cost of the materials. I've not heard of anyone having trouble with the IRS, so good luck!
#20
Originally Posted by Kathios
Hi. I'm a Project Linus Coordinator in NH. Many volunteers will ask for a Gift In Kind statement when they donate quilts. This form has our Linus information, tax ID, etc., and I add the number of quilts, the date, volunteer's name, etc. We are not allowed to put down a value, as that is the decision of the person who made the quilt(s). So when you find an organization where you are going to donate your quilts, please request this form from them. Some quilters make the determination based on the cost of the materials. Others add in their time.....sometimes they double the cost of the materials. I've not heard of anyone having trouble with the IRS, so good luck!
http://www.irs.gov/newsroom/article/0,,id=106990,00.html
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