Tax Time!

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01-30-2011, 05:54 AM

#21

OmaForFour

Super Member

Join Date: Oct 2009

Location: Maine

Posts: 1,376

I donated a kitchen stove to Habitat for Humanity. They gave me a receipt and said to fill in the value myself. The stove was originally $1200, is 5 years old and I am saying it is $500 because it has a convection oven and is in good shape.

01-30-2011, 06:44 AM

#22

Kathios

Senior Member

Join Date: Nov 2010

Location: Nottingham, NH

Posts: 516

MomToBostonTerriers: Thanks so much for the info and the link. I'm printing the info so I have proof that you are not able to include the time and effort that went into making the Project Linus quilt. Sure makes my job easier!

01-30-2011, 10:01 AM

#23

catrancher

Super Member

Join Date: Jul 2010

Location: Newberg, OR

Posts: 1,911

If you have them appraised you can deduct the value, but the appraisal would cost more than what you'd save on taxes.

01-30-2011, 01:00 PM

#24

2piecemaker

Member

Join Date: Jul 2010

Location: Big Sandy, TX

Posts: 86

Mr Davidwent, are you the one with the longarm and do you do quilting as a business. If you do have a business doing quilting for the public then you can take a deduction as charitable contribution on quilts. If not then doing the schedule A is the only way to go. Maria--TX preparer and business owner.

01-30-2011, 02:21 PM

#25

leonajo

Senior Member

Join Date: Feb 2010

Location: middle of the Ozarks

Posts: 434

Because I kept seeing this " Tax" thread but avoided looking, I now DO have my taxes 90% ready to go to Tax Lady. I just thought people were moaning and I so hate to get ready for my taxes. I keep my stuff together but do not keep a record book.....next time, I will read the thread first, feel guilty later....but thanks, cuase now that Tax unpleasantness is out of the way!

01-30-2011, 05:46 PM

#26

jojosnana

Super Member

Join Date: Oct 2010

Location: Farmington Hills, Michigan

Posts: 5,626

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'

01-30-2011, 05:53 PM

#27

Annz

Power Poster

Join Date: Nov 2009

Location: West Roxbury, Ma

Posts: 10,353

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

01-30-2011, 05:56 PM

#28

Tink's Mom

Super Member

Join Date: Oct 2008

Location: chicago, IL

Posts: 9,589

I am pretty sure that if you have to ship these donation quilts (Downey) that the postage is also deductable.

01-30-2011, 06:37 PM

#29

pinecone

Senior Member

Join Date: Jul 2007

Location: New England

Posts: 821

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