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Thread: Tax Time!

  1. #26
    Super Member jojosnana's Avatar
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    I haven't had any problem deducting mine over the years. I usually get a letter or form signed from the charity. I write on the back what type of quilt, size, date and what I est. the cost of materials. I think adding the pic is a great ideal tho'

  2. #27
    Power Poster
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    I think you can only deduct the cost of fabric, pattern etc so keep your receipts. :-)

  3. #28
    Super Member Tink's Mom's Avatar
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    I am pretty sure that if you have to ship these donation quilts (Downey) that the postage is also deductable.

  4. #29
    Senior Member pinecone's Avatar
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    Quote Originally Posted by MomtoBostonTerriers
    Quote Originally Posted by butterflywing
    what if it's raffled, sold or auctioned by a charity? does that affect the value?
    No. Your charitable tax deduction is the value of the goods that YOU put into the quilt. If your quilt is auctioned off for $50,000 (as well it should be), well, that's to the benefit of the charity. But it doesn't affect how much it cost you to make the quilt.
    scratching my head here, If I bought stocks totaling $100 and now the value is $1,000 I can give the charity the stocks and deduct the $1,000 avoiding capital gains. Right? Soooo why not the quilt apreciation? Just wondering..... off to my corner now.....

    piney

  5. #30
    Super Member
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    Thanks for this information. Better safe than sorry!

  6. #31
    Super Member glenda5253's Avatar
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    What a timely topic and all good information. :thumbup:

  7. #32
    Super Member
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    Good to know. Thanks.

  8. #33
    Super Member Baloonatic's Avatar
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    I drove about 2,000 miles last year for my non-profit quilting groups, the tax man used it as a deduction

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