SIGNUP - FREE Membership and 1 FREE Sewing Lesson
| FAQ | Login
 

Platinum Sponsor
PatternReview.com
PatternReview.com

Forum > Miscellaneous > tax deduction for donated fabric ( Moderated by Deepika, EleanorSews, CynthiaSue)

Please LOGIN or Join PatternReview
Go to Page:
tax deduction for donated fabric
donations for tax deduction
Diane333
Diane333  Friend of PR
Intermediate
USA
Member since 7/16/08
Posts: 24
Send Message

      



Date: 7/11/14 7:49 AM

Hi, I have a lot of fabric stored and would like to purge a good bit of it. Does anyone know if the fabric is listed on the donation paperwork how much can be deducted for taxes?

JTink
star
JTink
Intermediate
Member since 4/20/08
Posts: 6135
Send Message

      



In reply to Diane333 <<


Date: 7/11/14 8:34 AM

When you donate your fabric, have the organization give you a receipt(or make one of your own and have them sign it). You can then guesstimate the value of your donation and write it on the receipt.

When I donate the items I make to the shelter, I get one of these receipts. I went on line and checked a few stores that offer similar items that I made. This gave me some idea as to how much to claim.

EleanorSews
star
EleanorSews  Friend of PR
Advanced
Michigan USA
Member since 7/26/07
Posts: 4515
Board Moderator
Send Message

      



Date: 7/11/14 8:43 AM

A couple years ago I donated furniture and something made me take ain't urge with my cell phone. My CPA loved the extra info.

------
"We don't see things as they are, we see them as we are." Anais Nin

"Attitude is the difference between an adventure and an ordeal." unknown

tlmck3
star
tlmck3
Advanced Beginner
Illinois USA
Member since 7/11/05
Posts: 3774
Send Message

      



Date: 7/11/14 9:31 AM

You can only claim the resale value if you do so. Not the retail value that you paid for the fabric. Same as donating anything, really. When I do my taxes with the H&R Block software, I think I claim it as either household or craft items. I don't think fabric specifically is an option.

------
I am going for a level of perfection that is only mine... Most of the pleasure is in getting that last little piece perfect...Inspiration is for amateurs. The rest of us just keep showing up and doing the work.

Chuck Close, painter, printmaker, photographer

Hope has two lovely daughters: Anger and Courage

St. Augustine

Northern WI
Northern WI
Intermediate
Wisconsin USA
Member since 1/20/13
Posts: 32
Send Message

      



In reply to Diane333 <<


Date: 7/11/14 2:30 PM

First off, you have to make the donation to a qualified church or charity. An organized religion, Goodwill, Salvation Army, etc. If you really want to get technical, it must be an organization under IRS Code 501(c)3. There is a list of those on IRS website, but for most practical purposes mainstream churches and charities qualify. Ask the donee or look it up if you have any qualms about their status. Fair market value would be the amount that you would be allowed to claim on your tax return. There isn't any specific guidance as how you get to FMV, but for fabric I would think it would be substantially below what the item cost you. Get a receipt from the charity (on their letterhead with the date) and have them list the number of bags, boxes, totes, etc. that you have brought in. For your own records, list the type of fabric, color, yardage, and value for each item. Keep in mind that less popular fabrics will have a lower value while those still sought after will have a greater value. How much total fair market value are you looking at (approx.)? If it is more than $250, things get more complicated. You can to the IRS website and look up Publication 526 which has the detail.

The overarching question is: Do you file Schedule A (Itemized Deductions) on your income tax return? Will you itemize in 2014? If so, then the deduction will be beneficial.

Pyrose
star
Pyrose  Friend of PR
Intermediate
Maryland USA
Member since 2/12/06
Posts: 2117
Board Moderator
Send Message

      



Subject: Topic moved Date: 7/12/14 0:39 AM

This topic has been moved from Machine Embroidery to Miscellaneous

------
Jennifer
pyroses.blogspot.com

ThinkGeek: "E-mail has been around since before computers. At first, e-mails were written on rocks and thrown at neighbors. CC-ing a rock e-mail could be dangerous for an entire village. Then, e-mails were written on paper and put in weird paper things called envelopes and the postal system delivered them. This was slow. Finally, e-mail as we know it came around."

Go to Page:
Please LOGIN or Join PatternReview

printable version Printable Version

* Advertising and soliciting is strictly prohibited on PatternReview.com. If you find a post which is not in agreement with our Terms and Conditions, please click on the Report Post button to report it. Miscellaneous >> tax deduction for donated fabric

 
adv. search»
pattern | machine | member
        
Bust Adjustments
Bust Adjustments

Register

Sew a Designer Unlined Jacket
Sew a Designer Unlined Jacket

Register

Butterick 4985

photo
by: Sheila457

Review
Favorite Things The Boot Slippers Pattern

Favorite Things The Boot Slippers Pattern

Buy Now
Perfect Pouches

Perfect Pouches

Buy Now

Conditions of Use | Posting Guidelines | Privacy Policy | Shipping Rates | Returns & Refunds | Contact Us | About | New To PR | Advertising

Copyright © 2014 PatternReview.com® , OSATech, Inc. All rights reserved.