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Thread: What value would you list?

  1. #26
    Super Member quiltmom04's Avatar
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    Quote Originally Posted by LyndaOH
    I believe for tax reasons you can only include the costs of the materials. It would depend if you need the value for the tax deduction or for other reasons.
    I think that's right. Unless you have it appraised for value and have a rider on your insurance policy.

  2. #27
    Super Member applique's Avatar
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    See if an appraiser in your area is willing to give you a free appraisal for the raffle.

    Quote Originally Posted by Cindysue2
    The reason is not for tax purposes. For all the raffles we list on the information sheet what the value is if it was purchased new.

  3. #28
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    If you were to insure this with an insurance company for replacement value it would be VERY high. Get it appraised!
    Like anything, there is the IRS tax value, donation value, actual cost, replacement cost, etc. Only a trained expert can answer your question. When you raffle the quilt you can advertise that it will come with copy of the appraised value so the winner can get it insured if they want. When people can see the REAL value you may sell lots more tickets. It's like buying a diamond ring= you'd pay more when you could see the actual expert certified appraisal.

  4. #29
    Junior Member K.P.'s Avatar
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    Quote Originally Posted by Cindysue2
    Sorry I posted this under pictures and I guess should have posted here, sorry for the double post. I wanted to know what value I should list for the quilt below. It is approx. 60 x 80 large throw and has hand stitched counted crosstitched in some of the blocks. It is being donated and will be part of a raffle for the Houston Food Bank. I have only been quilting for about 1 1/2 years and only been on this board since July so I need help!
    There was some discussion recently on how to price quilts you might sell; a professional fabric artist broke it down and if I remember correctly, the final note was approx. $10 sq/foot, everything included, so for this one, it would be about $350, sounds fair to me...especially with cross-stitch in addition to piecing and quilting.

  5. #30
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    The pattern I started with was the Big Block that idea but I made the blocks to fit around the cross stitch pieces I had and then measured to have all the block the same size. It was really hard and difficult to keep up with I know now it is much easier to follow a pattern!

  6. #31
    Super Member caspharm's Avatar
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    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.

  7. #32
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    Quote Originally Posted by caspharm
    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?

  8. #33
    Super Member clsurz's Avatar
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    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.

  9. #34
    Senior Member dogpursemaker's Avatar
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    I was thinking of a starting price of around $300 too. I certainly wouldn't put anything less than that on it.

  10. #35
    Member quilter65's Avatar
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    I agree. I think we need someone with legal or tax training to respond to this.
    Sally

  11. #36
    Super Member catmcclure's Avatar
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    Quote Originally Posted by Cindysue2
    Sorry I posted this under pictures and I guess should have posted here, sorry for the double post. I wanted to know what value I should list for the quilt below. It is approx. 60 x 80 large throw and has hand stitched counted crosstitched in some of the blocks. It is being donated and will be part of a raffle for the Houston Food Bank. I have only been quilting for about 1 1/2 years and only been on this board since July so I need help!
    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.

  12. #37
    Super Member Blinkokr's Avatar
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    Just beautiful
    Have a Blessed day
    Ellen

  13. #38
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    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.

  14. #39
    Super Member debbieoh's Avatar
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    I have always declared value as to how much the quilt brings in. The charity has always sent me a recipt ater the raffle

  15. #40
    Member Margo in Maine's Avatar
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    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

  16. #41
    Super Member Phannie1's Avatar
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    I want to by a raffle ticket! Your quilt is beautiful.

  17. #42
    Super Member margecam52's Avatar
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    By value, are you talking about a tax write off value, or actual value if someone paid to have one made?

    As a retail price...I'd say $250.00 (lot of cross stitch there)...for donation...you can't count your time, only materials...so for taxes...cost to make. For the raffle..value at about $250.00 (I wouldn't do it for less!).
    Marge

    Quote Originally Posted by Cindysue2
    Sorry I posted this under pictures and I guess should have posted here, sorry for the double post. I wanted to know what value I should list for the quilt below. It is approx. 60 x 80 large throw and has hand stitched counted crosstitched in some of the blocks. It is being donated and will be part of a raffle for the Houston Food Bank. I have only been quilting for about 1 1/2 years and only been on this board since July so I need help!

  18. #43
    Senior Member gmavis's Avatar
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    beautiful quilt! Good luck with your raffle.

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