Sunday, February 3, 2008

I just went to have my taxes done. Is it just New Jersey that is requiring to have a receipt for contributions? What are others doing to document charity quilts? Get a receipt from the guild? How much would you say a baby quilt is worth for income tax purposes? Do you go by cost of materials only? Or what is would cost to purchase one? At what price? A cheap store bought? Or a good quaality hand made item?
Sorry for all the questions, but I don't know how to handle this.. Is there any other quilters with these questions? What is your answers?

Donna, LEH,NJ

posted by tobylehnj @ 8:29 AM

4 Comments:

At February 3, 2008 at 8:59 AM , Blogger Kathi in Idaho said...

From what I remember, Donna, you can only count the actual cost of the item (which would be the cost of the materials). That is, unless you had the quilts appraised and the charity gave you a receipt for that amount.

And no, it's not just New Jersey.

 
At February 4, 2008 at 7:08 AM , Blogger Sara in Florida said...

Receipt:
Since it is the IRS, one would think all 50 states would require it. Here in Florida we have to have a receipt.
Two of the charities I give to -Hospice and the local Pg. center--give me a "thank you for your donation" receipt and you are to write in what you think the item is worth. It is on the leaterhead of the charity. Goodwill does that also-with more detail.
For a baby quilt, or Hospice quilt, I write in-"one baby quilt, blue 6" squares-value-$50.00" or whatever you decide it is worth. For Hospice I write "one lap quilt, green and beige and brown in Fall colors" -value-_____whatever.
I've never had a problem with this from the tax people.
Sara in Florida

 
At February 4, 2008 at 9:18 AM , Blogger Doris W. in TN said...

I have always gotten a receipt for any donation, usually in the form of a Thank You letter stating the value of my donation. Got one for every quilt I ever made for an auction. If we're ever audited the IRS requires one.

We don't have state income tax here (but a 9.5% sales tax on ... EVERYTHING except Rx) so I don't know about state laws.

 
At February 9, 2008 at 2:55 PM , Anonymous Anonymous said...

I figure it out one time and found that a small quilt (lap size) cost at least $50 to make including the backing and batting. It really surprised me. It makes you think, doesn't it? And some people put such a little value on them

 

Post a Comment

Subscribe to Post Comments [Atom]

<< Home