Charity Auction donation

[Ed Romson]

I'd love to hear your thoughts about donating your work to your favorite charity for a fund raising auction. Any drawbacks? Did you claim the donation as a tax deduction? If so, did you claim a rate at your price estimate or the auction final price?

Thanks
Ed

 

[john lucas]

I just donate. Never have tried to claim anything. Also depending on the auction and the cause bidding can go higher and surprise you or it can go rediculously low. You have to ignore what the piece brought, just be glad your helping a cause.

 

[billooms]

Check with your accountant. My accountant told me that I can only deduct the cost of the raw materials (i.e. the cost of the wood).

 

[Mike Johnson]

You can not deduct your own labor, however if you employ another individual that is involved
in producing the item being donated you could deduct their labor cost.

 

[Richard Coers]

Only drawback is the likelihood that it will bruise your ego on what they collect for it. Of course sometimes you do well, but most of the time around me they get about half or less than what I normally charge. If you are really just making a donation and any money they get is acceptable, no down side at all. My experience is to donate several small items compared to a $300 hollow form. My accountant tells the same story, only material costs. Now if you operate as a business, just maybe you need a new lathe to produce that item. NOW you get a big deduction!

 

[BobCoates]

Been very lucky with donations I have made to one charity that have boosted my bragging rights. Last year was a large segmented vase that my wife added dried flowers too, went for 400. Of course she said it was the arrangement that sold. A cherry bowl from a board about 14-16 inches went for 200. Two years ago a cored black walnut set( two bowls) about 14" went for 400. I don't claim a tax deduction since the wood is all fog, so zero cost. Church auction don't generate that kind of price. People who ask for pieces are asked to make a donation to charity.

 

[Bill Boehme]

I am all for donating things to charitable organizations to help them raise money. I donate to the local Empty Bowls Project and to Beads of Courage. I also turn pieces for my club's annual Christmas banquet and auction.

Drawbacks? Not if you enjoy woodturning. For me it is a rewarding experience which makes it a win-win for everybody.

I would like to reduce my income taxes, but this isn't it.

 

[Dave Bunge]

Before 1970, artists could deduct the fair market value of deductions to charity. This article https://www.nytimes.com/2017/04/21/opinion/painters-deserve-their-deduction.html?_r=0
discusses reasons for the change (abuse of "fair market valuation"), the impact on museums and other historical recipients of donations (donations declined significantly), and the surprising reason things may return to the pre-1970 situation.

 

[hockenbery]

@Dave Bunge nice article.
So now we just have to get a court case and cite citizens united.

 

[robo hippy]

I donate to a number of worthy causes, Empty Bowls, Humane Society, a Bach Musical event, and others. I don't think I ever got any sales generated from my donations, and I don't list them for tax deductions since all you can deduct are materials costs, which are almost nothing considering that most wood is FOG (found on ground) wood. It does feel good though...

robo hippy