Hi to all of you, haven’t been on this site for a while, I have a question that I need an answer as soon as possible. Last year, in my spare time, I’ve started to knit hats and crochet afghans for the Shriners Hospital here in Phoenix, yesterday, they’ve sent me a receipt for donations. Last fall I brought them 49 knitted hats for kids and teens and crocheted 12 blankets or afghans, all at least 40"x40",some larger, for the hats, it takes me for a small one from 1 1/4 hour and the large one a couple of hours. For the afghans, it depends of the pattern, but at least a week each. How much do you think I should write on my tax return. I have no idea. Of course, I have to buy the yarn too. Thanks, waiting for your answers.
That’s a lot of stuff! I donate as well (not that much though), but I don’t write off donations on my taxes so I’m not sure. Hope someone can help!
salvation army’s chart at http://satruck.org/donation-value-guide says a hat can be $1-$9 (depending on source). there are no specifications in men’s, women’s, children, or misc for knit or winter items. blankets are $3-$15, bedspreads are $3-$24.
goodwill has a guide at http://www.goodwill.org/wp-content/uploads/2010/12/Donation_Valuation_Guide.pdf but it doesn’t list any hats or knits. other guides reference a vague ‘outerwear’ category, that ranges from $3-$15 - http://www.goodwillwm.org/uploads/pdf/gw%20donation%20guidelines.pdf blankets and afgans are $2-$15.
“it’s deductible” is a service of turbo tax/intuit, and is a helper app that walks you through items, conditions, and values. you do have to have a turbo tax account, but that’s an easy sign-up. https://turbotax.intuit.com/personal-taxes/itsdeductible/index.jsp
the big thing to remember, and all the sites caution this, is that the IRS lets you claim the ‘fair market value’ for items in ‘good’ condition. at the very least, you should recoup your yarn’s value. it might be easiest to say “i spent X amount in yarn, and all/most of that went into donated items.”
also, in very FEW cases can you claim your time as a dollar amount donation. your volunteerism doesn’t have a fair market value, only your finished product. you can’t even claim the time you’d spend donating blood, or volunteering for a brick-and-mortar organization, even with time sheets. you’re volunteering, it is what it is.